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News // Oil and gas worldwide

US, Europe: Turned Down By Opec

10 April 2008 , 10:01725
This week Opec energy ministers turned down US and European calls for the cartel to pump more oil and restain in prices. International crude oil futures traded close to $109 a barrel on Tuesday after hitting a record $111.80 in mid-March.

The price rise in recent months has caused concern among governments of big consumers, such as the US and Europe. But ministers from many of the 13 big oil producers that make up Opec appear happy with the status quo.

Unless it changes its mind at the last minute, Opec's reluctance to pump more oil will make for an uncomfortable meeting between the world's consumers and producers at their forum in Rome next week. Saudi Arabia, Opec's most powerful member, has yet to make its position known but others are echoing Mr Khelil's views.

Mr Birol disputed Opec ministers' assertions that overall demand would soften in the following months, and said the US slowdown would not necessarily have an impact on the demand growth of China, India, the Middle East and Russia, which have accounted for 83 per cent of the world's demand growth over the past two years.

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