Libyan Energy Secretary Fathi Hamed bin Shatwan voiced opposition to a growing consensus of OPEC ministers for raising the cartel's official crude oil output, but noted his position was unlikely to sway others.
When asked if he agreed with an anticipated decision by the Organisation of Petroleum Exporting Countries to increase its production quota to help curb searing energy prices, Shatwan said: "No, I don't." He added that whether " agree or don't agree doesn't make any difference." Many OPEC ministers scheduled to meet here Monday and Tuesday have expressed varying degrees of support for a quota increase of 500,000 barrels per day to 28.5 mln bpd, while stressing it would not curb the high cost of energy. Shatwan told reporters: "I think as all of us know the market is very well supplied now with crude oil. If there is a problem, then (it) is a problem of products and this is not OPEC business."
Many market analysts and OPEC officials say high prices for gasoline (petrol) and heating oil stem from bottlenecks caused by a lack of refining facilities, an issue highlighted by Hurricane Katrina in the United States. "I think the consumers and all the international companies should invest more in refineries because this is where the problem lies," Shatwan said.
Source. AFX
