9-Mar-2011 11:43 AM

OPEC considers emergency meeting to discuss increasing oil output

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."