The Organization of
Petroleum Exporting Countries isn't worried about oil prices rising above $90 a
barrel as they are largely driven by seasonal forces, Qatar Oil Minister
Abdullah bin Hamad Al Attiyah said Friday.
"They are largely affected by the cold snaps in Europe and in some areas
in North America," Al Attiyah told Dow
Jones Newswires.
"Stocks are at their highest level, more than 60 days of forward cover,
but the market is in a very good condition and there is no panic or need for an
output hike," he said.
OPEC left its crude oil production ceiling at 24.85 million barrels a day at
its meeting earlier this month, despite recent signs a recovering world economy
might call on the group to open its spigots next year.
The group, which disclosed its next meeting would be in June in Vienna, has held its
quota at this level since late 2008.
"OPEC still sees there is no need for another meeting until then [June]
and there are no complaints from consumers and producers," Al Attiyah
said.
Arab oil ministers are in Cairo
for a meeting of the Organization of Arab Petroleum Exporting Countries, or OAPEC,
set for Saturday. Seven of the members of OAPEC are also members of OPEC. They
are Algeria, Iraq, Kuwait,
Libya, Qatar, Saudi
Arabia and the United Arab Emirates.