U.S. Energy Secretary Sam Bodman on Saturday urged top exporter Saudi Arabia and OPEC to raise supply on a visit to the kingdom. His appeal came just days after President George W. Bush asked the group for more oil on a separate visit to Riyadh, and less than two weeks before OPEC's next meeting on February 1.
" I don't think there is a need to increase because the market is well supplied," Oil Minister Abdullah al-Attiyah told reporters on the sidelines of a conference in Abu Dhabi on Sunday.
The Organization of the Petroleum Exporting Countries (OPEC) is keeping a close eye on the market and stood ready to pump more when needed, OPEC Secretary-General Abdullah al-Badri said.
" If we reach the conclusion the fundamental data warrant an increase in production, then our oil ministers will not hesitate to decree this," Badri told German weekly magazine Der Spiegel in an interview published on Saturday.
" But at present we see no need for this."
Bodman and Bush, concerned about the impact of high prices on the world's largest economy, have said more oil would help ease tight supplies.
" It's important there's an increase in supply," Bodman said ahead of a meeting with Saudi Oil Minister Ali al-Naimi on Saturday. " The figures would indicate a call for increased supply."
Reuters
OPEC dismisses U.S. calls for more oil
OPEC dismissed further calls to boost oil output from top consumer the United States, saying the global market is well supplied and the producer group has little control over oil prices near $90 a barrel.
