Opec will not consider a plan to raise oil output when it meets next week in Abu Dhabi because the market is well supplied, Qatar's oil minister said on Tuesday. | |
| "I have not been informed of any plan," Abdullah bin Hamad al-Attiyah said. "The price dropped over $3 a barrel on Tuesday. It seems to be that the market has reacted to physical supply as it has already dropped at the beginning of winter time." |
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| Crude oil for January delivery dropped 0.7 per cent to $93.80 a barrel in electronic after-hours trading in New York and traded at $94.42 at 10:40 London time. |
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| Al-Attiyah said Opec would make its decision based on the supply and demand outlook and economic forecasts. "Next week, we will look at expectations of a slowdown for the first quarter 2008," the minister said. "We cannot supply if there is no demand. At the moment, we don't see any panic on the supply side." |
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| Qatar, the smallest Persian Gulf oil producer in Opec, produced 830,000 barrels per day of oil last month. |
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