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China:Qatar open for increasing oil output
boosting OPEC quota |
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2005-3-30
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For the second in recent times, Qatar has readily agreed for an increase in OPEC''s oil production quota, though the issue has not been discussed yet with the group''s president.
This was stated by Qatar''s energy minister Abdullah bin Hamad al-Attiyah who is on a visit to Japan.
He said, "Whatever the president feels after consultations, we have no objection. I''m still waiting with my mobile phone in my pocket," for a call from Sheikh Ahmad Fahd al-Sabah, President of the Organization of Petroleum Exporting Countries.
OPEC, which pumps 40 per cent of the world''s oil, said at a meeting in Iran on March 17 that it might raise its output quota to about 28 million barrels a day as early as April. OPEC agreed in Iran to immediately raise quotas by 500,000 barrels a day to 27.5 million barrels after crude oil prices surged to a record, threatening to slow global economic growth.
Contending that “there is no shortage of supply," al-Attiyah said, “Traders aren''t asking for extra cargoes, so any output increase must be carefully considered.”
Currently, over half of OPEC''s members operate at or close to full capacity, leaving little cushion to prevent shortages should supply be disrupted in producers such as Iraq, Nigeria, Venezuela or Russia.
OPEC may decide on a new price band for oil pumped by its 11 members later this year, said al-Attiyah, who is also chairman of the emirate''s Qatar Petroleum.
The organization''s last price target of US$22-US$28 a barrel was suspended in January because "the market was not reacting to the band," al-Attiyah said.
Crude oil prices for May delivery went up US$1.03, or 1.9 per cent, to close at US$54.84 a barrel on the New York Mercantile Exchange on March 24. The record price for a contract closest to expiration was US$57.60 a barrel reached on March 17. The New York exchange was closed on March 25 for the Good Friday holiday.
Meanwhile, it is learnt that the BP''s Texas refinery in the US has been contained and there would be no shortfall in the US oil supplies despite damage to the operations, on March 23, 2005. |
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| MINISTRY OF COMMERCE,PRC |
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