Kuwait's Oil Minister Sheikh Ahmad al-Abdullah Al-Sabah stated OPEC is in talks with a view to increasing oil supplies and is considering an emergency meeting to discuss the issue (Reuters/Bloomberg, 09-Mar-2011). "We are in consultations about a potential output increase but have not yet decided," he stated. A number of companies have reportedly stated that world supply is comfortable despite the loss of Libyan crude. Saudi Arabia's Oil Minister Ali al-Naimi separately stated that Saudi Arabia has "3.5 million barrels a day of spare capacity which could help compensate for any shortages". Meanwhile, OPEC governor, Mohammad Ali Khatibi, said: "There is no shortage in the market. There is no need for further OPEC supply. But the consumers are worried, this is psychological."
OPEC considers emergency meeting to discuss increasing oil output
9-Mar-2011 11:43 AM