There's no need for the Organization of Petroleum Exporting Countries
to add more oil to the market, the group's secretary general said
Wednesday.
"Frankly we don't see the need that we should add more oil,"
OPEC Secretary General Abdalla Salem el-Badri told a news conference.
He was responding to questions about the call from U.S.
Energy Secretary Samuel Bodman for OPEC to raise its crude oil
production to address falling oil stock levels and high oil prices.
Tuesday, Bodman said he had asked OPEC ministers to boost
oil production, but added that he had received no guidance about
whether the group would raise output.
OPEC ministers are set to meet informally Thursday and
Friday ahead of the Nov. 17-18 OPEC Heads of State summit, but no
output policy decision is expected as formal policy talks take place
only two weeks later in Abu Dhabi.