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Opec to study market at Vienna meeting

Al Hamili says nobody knows at this point what the group will decide.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 22:04 January 22, 2008
  • Gulf News

Abu Dhabi: UAE Energy Minister Mohammad bin Dha'en Al Hamili said on Tuesday the Organisation of Petroleum Exporting Countries (Opec) would review market conditions at its next meeting before the group takes a decision on whether there's a need to increase oil supplies to the global market.

"Nobody knows at this point what Opec will decide. We have to first meet and then look at the market conditions. We have to also look at the data," Al Hamili told Gulf News on the sidelines of the ongoing World Future Energy Summit in Abu Dhabi.

Earlier, on Sunday, Qatar's Energy Minister Abdullah bin Hamad Al Attiyah said there was no need for Opec to increase production since the market continues to be well supplied.

Comment: Region has sufficient surplus

The US believes the Middle East countries have ample crude to take care of the world's growing energy demands.

"I am quite confident there's sufficient surplus availability (of crude oil among Middle East producers) to increase supply in the market place," US Energy Secretary, Samuel Bodman, said at a news conference.

Bodman said the US is filling its strategic petroleum reserve to the tune of 70,000 barrels per day.

"The world uses 84 million barrels of oil per day. In terms of what the world uses, this is inconsequential," said Bodman, who is on a visit to Abu Dhabi to attend the ongoing World Future Energy Summit.

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