Business | Oil & Gas
Opec ready to call extra meeting if required
Top Libyan official says crude prices will rise still higher but refuses to give numbers
- Reuters
- Published: 20:43 April 30, 2008
London: The Organisation of Petroleum Exporting Countries (Opec) stands ready to call an extra meeting if needed, Libya's top oil official said, adding prices would rise higher still.
Opec is not scheduled to meet to revise its output policy until September.
Its members have repeatedly said oil prices, which hit a record $119.93 on Monday, were not the result of any lack of supply, so extra Opec crude would not bring the market lower.
"Before September, there may be a meeting. They could meet, but at this moment, there's no plan to do so, but of course, we stand ready for a meeting between now and September," said Shokri Ganem, head of Libya's National Oil Corporation.
He predicted oil would continue to rise. "The price is going to go higher, but I cannot put numbers on it," Ganem said.
Kuwait also said Opec would act if it could. "If Opec has an opportunity to do something for the market, it will do so," acting Kuwaiti Oil Minister Mohammad Al Olaim said.
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