Qatar's oil minister said Tuesday Organization of Petroleum Exporting Countries are unlikely to hold an emergency meeting over the latest oil price rally as consumer demand is still weak and inventories are high.
Qatar's oil minister said Tuesday Organization of Petroleum Exporting
Countries are unlikely to hold an emergency meeting over the latest oil price
rally as consumer demand is still weak and inventories are high.
"There are no customers saying we need extra oil, so why react when the
market is reacting," Abdulla bin Hamad Al Attiyah told reporters in
Doha
. "It
[the present oil price] has nothing to do with demand."
Oil inventories are the "highest in history" at 60 days, said Al
Attiyah, who was attending Qatargas Operating Co.'s inauguration of the Ras
Laffan condensate refinery at Al Shaheen.
Crude climbed to a 17-month high this week, exceeding $86 a barrel on
better-than-expected
U.S.
jobs
data, signaling the world's largest economy could be finally emerging from
recession. On the New York Mercantile Exchange, light, sweet crude futures for
delivery in May were trading down 2 cents at $86.60 a barrel at 1130 GMT.
Al Attiyah said any oil exporting nation could become an OPEC member, including
Sudan
. "Any
country that is exporting is eligible for membership--
Sudan
or
others," he said, without giving further details.
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