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Oil market is 'out of control'
- United Arab Emirates: Wednesday, October 31 - 2007 at 09:54
Opec ministers said the group has no control over many of the factors affecting oil markets and it is worried that high prices are threatening the world economy, reported Reuters. Opec President and UAE Energy Minister Mohammad bin Dha'en Al Hamili said the market is increasingly being driven by geopolitical events and the growing influence of financial investors, both of which are out of Opec's control.
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Jeff Florian, Senior ReporterWednesday, October 31 - 2007 at 09:54 UAE local time (GMT+4)
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