"We are trying to do everything to stabilize the prices. It looks like the prices are not related to the production anymore. They are related to other factors, like geopolitics, the weather, the refining," he told reporters.
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OPEC To Decide On Lifting Output in Vienna
OPEC president Sheikh Ahmad al-Fahd al-Sabah has said he will ask for the cartel to raise its output
OPEC president Sheikh Ahmad al-Fahd al-Sabah has said he will ask for the cartel to raise its output for 500, 000 bpd as oil prices surged to new records as Hurricane Katrina hit US production.
Sheikh Ahmad, also a Kuwaiti oil minister, made clear the increase he wants will be above the amount Opec supplies to the market - as the cartel usually produces more than its stated limit.
"We are trying to do everything to stabilize the prices. It looks like the prices are not related to the production anymore. They are related to other factors, like geopolitics, the weather, the refining," he told reporters.
"We are trying to do everything to stabilize the prices. It looks like the prices are not related to the production anymore. They are related to other factors, like geopolitics, the weather, the refining," he told reporters.
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