Qatar sees no need to alter Opec policy in Oct
Dubai, September 16, 2010
Qatar sees no need for Opec to alter oil output policy at its meeting in October as prices are in a fair range, a Qatari oil ministry official told Reuters.
"There is no need for a change, things are going well now and prices of $70-75 are fair for both producers and buyers," he said, adding there was also no need to increase production and there is ample supply in the market.
The Organization of the Petroleum Exporting Countries meets to reassess output policy in Vienna on October 14.
Opec has not formally changed its output policy since agreeing a record cut in December 2008.
That helped to push prices higher from a low of just above $30 a barrel and for more than a year they have held a range of roughly $70-to-$85 a barrel. – Reuters