13 Apr 2010
(MENAFN) Qatar’s Oil Minister, Abdullah Al-Attiyah, said that there is no lack of crude in the global oil market, and noted that oil prices of nearly $85 a barrel were not related to supply and demand fundamentals, Reuters reported.
The minister pointed out that global oil inventories were high, indicating that crude supply was sufficient.
Oil has traded mostly above $80 since early March, the minister said. Yet, the Organization of the Petroleum Exporting Countries (OPEC) had no plans to call an extraordinary meeting before the next scheduled gathering in October. The group’s members kept output quotas unchanged at their meeting last month, and have made no changes in supply policy since late 2008.
Al-Attiyah added that Qatar did not held talks with other major gas producers about slashing gas output.
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