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The Organisation of Petroleum Exporting Countries(Opec) will not consider cutting production at next months meeting unless prices fall rapidly, the organisations chief said on Saturday. Opec president Sheikh Ahmad al Fahd al- Sabah told " I dont there is an idea to cut production in our December 12 meeting unless prices will be in a very bad situation." Opec has asked leading consumer states, mainly in Europe, to cut taxes on oil to alleviate hike in prices.The cartel, which supplies about 40% of the world oil, and heavy weight member Saudi Arabia made the call at the opening of the permanent seat of the International Energy Forum in Riyadh. Saudi King Abdullah, whose state holds the worlds largest oil rserves, vowed to continue to provide, enough oil supplies, but called on leading consumer states to cut taxes on petroleum products. Opec chief told " This is a financial issue of their own, but everyone should know that in Europe, 80% pf the price of oil is made up of taxes." He expected oil prices to rise again I the advent of harsh winter in the Northern Hemisphere. "If the winter is very cold and long, undoubtedly the prices will again go up, he said, adding" But I dont think it will go over $70." The forum was first major gathering for worlds energy consumers and producers after oil prices hit a historic high of $70.8 a barrel on August 30, before retreating to around $57 at present.
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| Posted : 11/21/2005 |
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