No need for more oil now, OPEC tells U.S
Wed Nov 14, 2007 4:33am EST
RIYADH (Reuters) - OPEC sees no need to increase oil production at the moment, Secretary-General Abdullah al-Badri said on Wednesday, rejecting a U.S. appeal to boost output sooner than the producer group's meeting next month.
U.S. Energy Secretary Samuel Bodman said on Tuesday he had asked the Organization of the Petroleum Exporting Countries to agree as early as this week to increase oil production to tackle falling inventory levels and high crude prices.
But OPEC officials have said they will not act on policy at this week's heads of state summit in Riyadh, reserving discussion until they meet formally in Abu Dhabi on December 5.
"I would like to say to the Energy Secretary... that we don't want to see any shortage in supply, that this question will be raised in our meeting in Abu Dhabi," Badri told a news conference ahead of an OPEC heads of state summit in the Saudi capital.
"At this time, frankly, we don't see that we should add more oil, but this is up to the ministers to decide."
Badri said there was no reason for oil to reach $100, as it almost did last week, and continued to blame refinery bottlenecks, geopolitical issues and the weak U.S. dollar for oil's ascent from below $70 a barrel in mid-August.
"As far as we are concerned, as far as fundamentals are concerned, there is really no reason for prices to go to $100."
"We don't want to interfere with consumer countries' policy. If there is a shortage we want to see if we can supply that shortage," he said. "We are frustrated with the idea that we have something to do with this (high oil prices)."
No need for more oil now, OPEC tells U.S
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