Doha: Qatari Energy Minister Abdullah
al-Attiyah said today there was no proposal to hold an
extraordinary meeting of the oil cartel OPEC in light of
falling prices.
"There is no proposal to hold an extraordinary OPEC
meeting," he told reporters at the ninth Arab Energy
Conference in Doha.
His statement followed a call yesterday by his Kuwaiti
counterpart for OPEC to meet ahead of its scheduled conference
in October if oil prices slide below USD 65 per barrel.
Oil prices have fallen sharply since late Monday as the
dollar struck 14-month highs against the euro on worries about
the impact of a Greek debt crisis on the eurozone.
On Friday, New York's main contract, light sweet crude
for June delivery shed USD 2 to USD 75.11 a barrel.
Brent North Sea crude for June delivery slid USD 1.56 to
USD 78.27 a barrel.
"This is normal," said Attiyah when asked about the drop
in prices.
"Price fluctuations have nothing to do with supply and
demand... The Greek and European (debt) crisis, and the
pressure on the euro, have led to a psychological reaction
from the market," he said.
"Whatever you do now, the market will not respond,
because it is under huge psychological pressure," he said,
adding that "we should wait calmly to see what will happen in
the market when this psychological situation settles."
Meanwhile, Saudi Oil Minister Ali al-Naimi said he is
"never worried" about the drop in oil prices.
"OPEC is not standing still. OPEC is always in movement,"
he told reporters.
PTI
First Published: Sunday, May 09, 2010, 18:51