World
Institutional
links
Welcome back on
26 -29 August,
ONS 2008
Bridging
the energy gap
is ONS 2006 theme,
from 22-25 August,
in Stavanger, Norway
Petroleumworld
Business
Partners:
Centre for
Global Energy
Studies
  |
OPEC might hold extraordinary meeting over prices: Kuwait
KUWAIT
Petroleumworld.com, April 30, 2008
OPEC might hold an extraordinary meeting over skyrocketing oil prices before a scheduled conference in September if necessary, Kuwaiti Oil Minister Mohammad al-Olaim said on Wednesday.
"If there is any requirement for a meeting, we will not hesitate to meet," Olaim said.
He was responding to a question of whether there were plans to hold talks ahead of a regularly scheduled meeting in September after prices peaked at almost 120 dollars (77 euros) a barrel on Monday.
"OPEC is always looking for the stability of the oil market," the minister told reporters on the sidelines of the fourth World Islamic Economic Forum being hosted by Kuwait.
"But it is not the fundamentals that are driving the prices (higher) ... The prices are led by other reasons -- speculation, limitation of refinery and weakening of the dollar."
World oil prices held steady in Asian trade on Wednesday ahead of an expected US Federal Reserve interest rate cut.
In afternoon trade, New York's main oil futures contract, light sweet crude for June delivery, was three cents lower at 115.60 dollars per barrel.
Brent North Sea crude for June delivery fell one cent to 113.42 dollars a barrel, after settling at 113.43 dollars on Tuesday.
"OPEC takes the responsibility of stabilising the oil market. If it (price) is driven by supply and demand, OPEC can do something, but if it is related to other factors, OPEC can do little," Olaim said.
The Kuwaiti minister later told a session of the forum that there should be a clear vision on future growth in world demand in order for oil producers, mainly OPEC, to invest to raise production capacity.
He complained of the high cost of oil projects and a severe shortage in skilled manpower, both factors affecting key projects.
The managing director for planning at state-owned Kuwait Petroleum Corp, (KPC), Jamal al-Nuri, told the session the emirate plans to invest 55 billion dollars on various upstream and downstream projects over the next five years.
Story by Michael Mathes from AFP
AFP 30 1131 GMT 04 08Copyright© 2008 respective author or news agency. All rights reserved.
We welcome the use of Petroleumworld™ stories by anyone provided it mentions Petroleumworld.com as the source. Other stories you have to get authorization by its authors.
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