US confident OPEC will decide on 'sufficient' oil supply for world mkts - Forbes.com
US confident OPEC will decide on 'sufficient' oil supply for world mkts - Forbes.com: "mkts "
KUWAIT CITY (AFX) - Visiting US Energy Secretary Samuel Bodman said he is confident OPEC will decide to provide 'sufficient' crude oil to the world markets at its meeting due to be held next month in Kuwait.
'I expect that they (OPEC) will do that and I have no doubt that that will be the outcome of the OPEC meeting,' in Kuwait on December 12, Bodman told reporters at Kuwait airport before leaving for neighbouring Qatar.
Bodman said he was confident as Kuwait and the United Arab Emirates -- which he visited over the weekend -- 'have been giving indications of being very responsive and wanting to provide sufficient crude oil to the world markets.'
Bodman had urged OPEC on Saturday in Abu Dhabi to take measures to increase production at its next meeting, expressing hope Gulf countries would work hard to expand their output capacity.
He also praised the UAE for taking steps towards increasing capacity, revealing that UAE leaders had briefed him about new plans for raising production.
At its last meeting, OPEC maintained its official production quota at 28 mln barrels per day. The UAE is currently OPEC's fifth largest producer, with output of just under 2.4 mln bpd.
Bodman is also expected to visit Saudi Arabia as part of his regional tour.
KUWAIT CITY (AFX) - Visiting US Energy Secretary Samuel Bodman said he is confident OPEC will decide to provide 'sufficient' crude oil to the world markets at its meeting due to be held next month in Kuwait.
'I expect that they (OPEC) will do that and I have no doubt that that will be the outcome of the OPEC meeting,' in Kuwait on December 12, Bodman told reporters at Kuwait airport before leaving for neighbouring Qatar.
Bodman said he was confident as Kuwait and the United Arab Emirates -- which he visited over the weekend -- 'have been giving indications of being very responsive and wanting to provide sufficient crude oil to the world markets.'
Bodman had urged OPEC on Saturday in Abu Dhabi to take measures to increase production at its next meeting, expressing hope Gulf countries would work hard to expand their output capacity.
He also praised the UAE for taking steps towards increasing capacity, revealing that UAE leaders had briefed him about new plans for raising production.
At its last meeting, OPEC maintained its official production quota at 28 mln barrels per day. The UAE is currently OPEC's fifth largest producer, with output of just under 2.4 mln bpd.
Bodman is also expected to visit Saudi Arabia as part of his regional tour.
posted by Marcel at 1:16 PM
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