GCC Opec members unlikely to boost supply
- Middle East: Sunday, September 02 - 2012 at 10:01
Opec delegates from the Gulf region have said GCC oil producers are unlikely to ramp up oil production further unless demand rises, Reuters has reported. Finance ministers from the Group of Seven most industrialised nations urged oil-producing countries on Tuesday to raise output to ensure the market is well supplied. "We promised to meet demand and that's what we are doing, if we see there is more demand there will be more production, but for the moment our customers are satisfied," a Gulf Opec delegate said. "There is enough crude in the market and crude stocks are high so no need for additional crude," said a second Gulf delegate. "Higher prices are driven by geopolitical factors... I doubt that there would be higher production to bring the price down."
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