OPEC Won't Raise Quota, May Consider Cut, Qatar Says |
| Bloomberg - Jan 30, 2008 |
OPEC won't raise output quotas at a meeting this week and may need to cut production in the months ahead because of slowing world economic growth and rising oil inventories, Qatar's energy minister said.
``The world has sufficient supply, even oversupplied in some places,'' Qatar's Abdullah bin Hamad al-Attiyah said in a Bloomberg Television interview in Doha today. ``So to increase, I don't think this is on the agenda.''
The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world's oil, would consider an output cutback ``if the world economy moves toward a recession,'' he said. Oil has tumbled from its record of $100.09 a barrel on Jan. 3 and was up 71 cents at $92.35 in New York at 8:04 a.m. local time.
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- Posted: 2008-01-30 09:50:04
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