OPEC rules out any plan to increase production
Thursday, March 31 2005 - 02:47 AM WIB
The Organization of Petroleum Exporting Countries (OPEC) denied on Wednesday a report that it would a hold an emergency meeting to discuss a possible increase in the organization's production ceiling, Kompas reported on Thursday.
Minister of Energy and Industry of Qatar, Abudllah bin Hamid al-Attiyah said OPEC did not have any plan to meet until the middle of June. "I have not received an invitation to hold an emergency meeting. We will not meet until June 15," he was quoted as saying.
The report on the planned emergency meeting came amid the surge in the crude oil price in the world market. OPEC agreed to increase oil exports by 500,000 barrels per day when the crude price reached US$57 per barrel early this month.
The crude oil price surged to US$54.31 per barrel on Wednesday; raising a speculation that OPEC would meet again to increase its crude production level.(*)