Badri rules out emergency Opec meeting
Opec secretary-general Abdullah al-Badri said today that he did not expect the
group to meet before its next scheduled gathering in September.
"No, I don't think so," Badri said when asked if he expected an extraordinary
Opec meeting.
Speaking at the International Energy Forum, Badri said he did not expect
producers and consumers meeting there to agree on price levels for oil.
"We are not expecting to reach an agreement if the prices are too high or too
low, this is not the platform for that purpose," Badri told Reuters.
Crude hit a fresh record high of $118.05 a barrel today.
Badri reiterated Opec's view that there was no shortage of oil supply and
prices were driven by speculation.
He said oil producers have been suffering from increasing costs for projects
to increase production capacity, which have shot up between 50% and 60% in
the past two to three years.
"High prices are not really a bonanza, because of high costs," Badri said.
He confirmed Opec's plan to add 5 million barrels per day of extra oil
production capacity by 2012.
22 April 2008 12:38 GMT
| last updated:
22 April 2008 12:38 GMT
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