Saudi oil minister dismisses OPEC supply increase
Wednesday, 14 November 2007
LONDON, Nov 13 (Reuters): OPEC members will not announce an increase in oil production at this weekend's Riyadh summit, Saudi Arabia's oil minister said today, suggesting oil prices are likely to stay around $100 a barrel.
In an interview with the Financial Times, Ali Naimi said "there will be absolutely no discussion" of a production increase by heads of state or their oil ministers on short-term supply when the Riyadh meeting convenes.
"This is a summit that is dealing with strategic issues and longer views. You have seen the themes. And you will get a declaration after it. OPEC ministers are not going to meet to discuss supply and prices and the heads of state definitely are not going to discuss it," Naimi said.
"There is going to be discussion among the heads of state on growth, environment, reliability of supply, investment in future supplies to guarantee the integrity of the system. They are not taking about today, they are talking about the longer term view."
Naimi said that OPEC had nothing to do with where the oil price was, but said that it was watching the market "very carefully" and did not rule out the possibility of an increase in production after a meeting next month.
"I cannot answer why the prices are so high. Prices are determined by a market that is influenced by many factors.
In an interview with the Financial Times, Ali Naimi said "there will be absolutely no discussion" of a production increase by heads of state or their oil ministers on short-term supply when the Riyadh meeting convenes.
"This is a summit that is dealing with strategic issues and longer views. You have seen the themes. And you will get a declaration after it. OPEC ministers are not going to meet to discuss supply and prices and the heads of state definitely are not going to discuss it," Naimi said.
"There is going to be discussion among the heads of state on growth, environment, reliability of supply, investment in future supplies to guarantee the integrity of the system. They are not taking about today, they are talking about the longer term view."
Naimi said that OPEC had nothing to do with where the oil price was, but said that it was watching the market "very carefully" and did not rule out the possibility of an increase in production after a meeting next month.
"I cannot answer why the prices are so high. Prices are determined by a market that is influenced by many factors.