World
  |
|
High oil prices unrelated to OPEC output levels: Badri
AFP/Samuel Kubani
OPEC Secretary General Abdullah al-Badri, seen here in June 2007, said Wednesday.
AFP
PARIS
Petroleumworld.com 07 12 07The Organisation of Petroleum Exporting Countries will not boost output to ease pressure on soaring oil prices, OPEC Secretary General Abdullah al-Badri said Wednesday.
Badri said in a statement that "current high oil prices are not in any way related to crude supplies," but were the result of geopolitical tensions, inadquate refining capacity and market speculation.
"Inventory data continues to demonstrate that crude stocks are ample," the statement said. "US crude stocks are now at nine-year highs.
"Inadequate refinery capacity, ongoing glitches in US refinery operations, geopolitical tensions and increased speculation in the futures market are, however, driving high oil prices," the OPEC leader said.
"Even if OPEC were to supply the market with additional crude at this time, these refinery-related problems mean that any extra barrels would not be refined into products."
On Tuesday, crude oil prices hit their highest level since August 2006 in London and New York, at 76.63 and 73.08 dollars respectively.
OPEC was following the situation closely, the statement continued, and if the cartel determined that prices were rising because of a crude oil shortage, "it will not hesitate to act immediately to alleviate any such deficit."
AFP 11 1445 GMT 07 07
Copyright© 2007 AFP. All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels