Business | Oil & Gas
Opec pledges adequate oil supply
The heads of state of the Organisation of Petroleum Exporting Countries (Opec) pledged to provide "adequate, timely and sufficient" oil supplies to the market at the end of a summit in Riyadh, but made no mention of dollar weakness despite the urging of some members.
- Reuters
- Published: 23:41 November 18, 2007
- Image Credit: EPA
- Shaikh Khalifa with other heads of state at the summit in Riyadh.
Riyadh: The heads of state of the Organisation of Petroleum Exporting Countries (Opec) pledged to provide "adequate, timely and sufficient" oil supplies to the market at the end of a summit in Riyadh on Sunday, but made no mention of dollar weakness despite the urging of some members.
"We affirm our commitment to continue providing adequate, timely and sufficient oil to the world market," said the final declaration issued at the end of the summit.
Saudi oil minister Ali Al Naimi said: "Fluctuations in the market have nothing to do with Opec," adding there were many other factors affecting prices.
The group also called for more action to fight poverty and expressed concern over global climate change.
Ecuador's leftist President Rafael Correa told reporters yesterday the world's richest nations should pay for the protection of the environment in the world's poorest countries.
He proposed a special tax on oil-consuming nations to pay for environmental protection elsewhere, with Opec overseeing spending.
"It annoys us a bit, all this moralising 'don't cut down your trees' from the first world, when they have already done it," Correa said. "If Europe wants to breathe pure air from Amazon countries then the Amazon countries shouldn't have to pay for it."
Venezuelan President Hugo Chavez on Saturday warned that oil prices, already near $100 per barrel, could double if the US attacks his ally Iran over its disputed nuclear plans.
"If the US is crazy enough to attack Iran or commit aggression against Venezuela ... oil would not be $100 but $200," Chavez told heads of state including Iranian President Mahmoud Ahmadinejad.
Fears
Fears the US or its ally Israel could attack Iran, which Washington says is covertly seeking to develop atomic weapons, have helped drive world oil prices to record levels. Tehran denies the charge.
Soaring prices have prompted calls by consumer nations for the exporters' group to pump more crude, but Opec oil ministers said this week any decision on raising output will be left to a meeting in Abu Dhabi on December 5.
Correa told the conference he favoured pricing oil in a currency stronger than the dollar. Opec Secretary-General Abdullah Al Badri said Libya would host the next summit in Tripoli in 2012.
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