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Tue 30 Oct 2007 01:33 PM

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Oil market 'out of control'

Qatar Oil Minister Al-Attiyah says output increase will not help tame prices, Opec doing all it can.

Oil markets are out of control and a supply increase from Opec will not help tame prices, Qatar's Oil Minister Abdallah Bin Hamad Al-Attiyah said on Tuesday.

"I don't think an increase in crude supply will help the market... the shortage is on the product side," he told reporters in London, when asked if Opec should raise output by another 500,000 barrels per day (bpd).

The group agreed at its last meeting to raise crude supply by 500,000 bpd effective from November 1 but this has failed to rein-in rampant oil prices which struck a record above $93 a barrel on Monday.

"The market is out of control. We in Opec are doing all we can do," Al-Attiyah said.

He reiterated that it was speculative funds and geopolitics that were driving prices higher.

"My advice especially for consuming countries is to build more refineries and offer more incentives for investments," he said.

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