Opec can do nothing - Qatar

by Simon Webb Thursday, 03 January 2008

Opec can do nothing about oil prices that hit a record high of $100 on Wednesday as the rise is due to geopolitics and speculation and not supply problems, Qatar's oil minister Abdullah Al-Attiyah said on Wednesday.

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"I don't think Opec can do anything," Al-Attiyah told newswire Reuters by telephone. "If this was related to supply then we could move. But I am confident that it is geopolitics. Speculation has been very strong. It's a game for speculators."
Opec has no plans to hold emergency talks after the price hit $100, Al-Attiyah said. The producer group is next due to meet on February 1.

By then, the group will be looking ahead to the second quarter, when oil demand drops as winter comes to an end in the northern hemisphere.

"We will have to move very carefully then," he added. He declined to comment on whether Opec would change supply levels at the meeting. (Reuters)



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