OPEC's President Purnomo Yusgiantoro said Thursday that oil overproduction was necessary
OPEC?s President Purnomo Yusgiantoro said Thursday that oil overproduction was necessary despite a recent fall in prices, because demand is strong and prices are still high.
However, Saudi Arabia's Oil Minister Ali Naimi said he was satisfied with current OPEC output and not worried about the most recent sharp decrease in prices.
"The OPEC basket still costs $33, and the winter has not even started in the US northeast," he added.
Venezuelan Energy and Mining Minister Rafael Ramirez also consider the current oil price fair.
On their next meeting in Cairo tomorrow OPEC ministers will decide how to rein in a supply surge that has recently helped to ease crude prices.
