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Qatar rules out drastic' OPEC action on prices

by Staff Writers
Doha (AFP) May 8, 2011
Qatar on Sunday ruled out any "dramatic" action by the Organisation of Petroleum Exporting Countries to control prices, insisting that production and supplies were at healthy levels.

Qatar's Energy Minister Mohammed Saleh al-Sada told reporters on the sideline of an industry meeting that an upcoming OPEC meeting could not be expected to make any major change.

"We think the fundamentals are fine and we can't see shortage of supply. OPEC countries and non-OPEC countries are producing and supplying and satisfying the world demands," he said.

"Clearly the supply level and the stocks level is healthy, and we are after the stability of oil prices."

He said he did not expect a free fall in the oil prices even though commodity prices were currently on the decline.

Qatar has received requests for additional supplies of gas to Japan, which is reeling after the March 11 tsunami and quake crippled a nuclear power facility, the minister said.

"We have a committee to deal with the request of Japan," he said adding that they were still working on exact quantities.

But he said the unrest in Libya would not affect oil supplies.

"Many countries, especially from OPEC, have offset the shortfall and it is clear that there is no shortage in production and supply in the world," said Sada.

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