Oil ministers from the Organization of Petroleum Exporting Countries are concerned by fears of global recession but aren't convinced that pumping more crude will alleviate high prices, Qatar's oil minister told Dow Jones Friday.
Oil ministers from the Organization of Petroleum Exporting Countries are concerned by fears of global recession but aren't convinced that pumping more crude will alleviate high prices, Qatar's oil minister told Dow Jones Friday.
Abdullah bin Hamad Al Attiyah said in an interview at the World Economic Forum, Davos that any agreement by the 13-member cartel may not ease prices, which have almost doubled in the last year.
"We are very concerned by recession but pumping more oil won't necessarily help prices. We have to look at demand closely," the minister said
OPEC is due to convene in Vienna to discuss whether to pump more oil into the market at a time when consumers in the U.S. are struggling under the burden of gasoline prices above $3 a gallon
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