Qatar's Attiyah says no need for OPEC to boost output

OIL PRODUCTION: Current price of crude not related to supply-demand fundamentals. (Getty Images)

Qatar's Oil Minister Abdullah al-Attiyah said on Monday he did not see any need for OPEC to increase output when it next meets in September.

"I don't think so," Attiyah told reporters when asked about the Sept 9 meeting of the Organization of the Petroleum Exporting Countries.

He said there were some signs of increased demand for oil from Asia, although the current oil price of around $70 a barrel was not related to the balance of supply and demand.

"We're seeing some improvement in demand, but (the price) is not related to fundamentals," he said.

Iran's Oil Minister Gholamhossein Nozari meanwhile said on Monday his country was producing oil in line with its OPEC output target.

"We're pumping at the OPEC quota," Nozari said in translated remarks on arrival in Doha ahead of talks bringing together gas producers on Tuesday. (Reuters) 

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