Opec unlikely to boost oil output despite soaring price |
BBC News - Jan 17, 2011 |
The Opec oil producers' group has signalled that it is unlikely to boost output, despite the price of crude nearing $100 a barrel.
The United Arab Emirates' oil minister said he was not concerned about $100 oil, echoing comments from other Opec members Iran, Venezuela and Algeria.
"There is no shortage of oil, the market is well supplied," said Mohammed bin Dhaen al-Hamli.
But the International Energy Agency said oil's price rise was "alarming".
There was speculation that the members of Opec, which accounts for more than 40% of global oil output, might hold an emergency meeting soon to discuss the rapid increase in the price of crude.
Read Full Article from BBC News
- Posted: 2011-01-17 14:19:03
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