Qatari Energy Minister Abdullah bin Hamad al-Attiyah joined a growing chorus of voices on Monday calling for the Organisation of Petroleum Exporting Countries (Opec) to leave production levels unchanged ahead of a meeting in Vienna on Tuesday.
Current high crude prices prevent any lowering of the cartel’s production level, which is currently set at 28-million barrels per day, the minister said as he arrived at a hotel in the Austrian capital.
”I don’t think so with this high price,” said Attiyah, responding to a reporter’s question about whether he saw a need to cut crude production.
Saudi Arabia, Nigeria, the United Arab Emirates, Kuwait, Algeria, Indonesia and Iraq likewise look set to keep the status quo when the Organisation of the Petroleum Exporting Countries convenes on Tuesday.
Venezuela also sees no change for now, but its Energy Minister, Rafael Ramirez, predicted a cut as early as Opec’s next meeting in March.
Iran, however, called earlier this month for a clear cut of one million barrels per day.
Analysts note this stance may be linked to Tehran’s desire to use its oil as a weapon against the West amid a stand-off over its nuclear programme.
The price of crude oil on Monday rose briefly above $68 a barrel before falling back ahead of the Opec meeting. Prices have over the past fortnight skirted near a record high of $70,85 a barrel, which was hit last August.
Attiyah blamed political turmoil for the price hike. Oil has trebled in value since early 2002. Most recently, the market has been unnerved by the growing nuclear crisis between Iran and the West, namely the United States and the European Union.
A series of attacks against oil installations in Nigeria and the Russian gas drama have also sent oil prices higher.
”First of all we want to see this political, psychological [effect] over and then we’ll see where the oil price will stand and then we will discuss what is the next step,” the Qatari minister said. — Sapa-AFP