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OPEC
warns over oil prices OPEC President and Indonesia's energy minister Purnomo Yusgiantoro says high crude oil prices could last through the summer, the Financial Times newspaper reports. Tuesday's newspaper said Yusgiantoro had said that "very tight" gasoline stocks in the United States due to new regulations, the actions of speculators, and geopolitical issues including unrest in Iraq were the reasons why high prices could last over summer. "I don't like these kind of prices," Yusgiantoro was quoted as saying in an interview with the newspaper. "These kinds of prices will really hurt everybody. But this price level is not because OPEC is playing. There is not much OPEC can do." The FT said Yusgiantoro had indicated that some OPEC members were in favour of raising the oil cartel's preferred price band. The newspaper said the OPEC president had said that rather than trying to bring prices all the way down to $22-$28 target, OPEC was likely to "soon" move to raise that price band. The newspaper did not say by how much. Oil futures fell $1 to $38.93 a barrel earlier on Monday after Saudi Oil Minister Ali al-Naimi said OPEC should boost output by 1.5 million barrels a day, or about six percent, to prevent high prices from derailing global economic growth. Oil prices rose above $40 for the first time in 13 years on Friday. |
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