Osaka, Sept 18: Opec oil producers kept the heat under strong crude prices Wednesday as ministers arrived in Japan for a meeting that looks likely to keep stiff output limits in place. The Organsation of the Petroleum Exporting Countries appears in no mood to make concessions to the industrialized powers that buy its oil, despite concern that high energy costs are stunting global economic recovery.
"Kuwait also says no more oil," said acting Kuwaiti Oil Minister Sheikh Ahmad al-Fahad al-Sabah, one of many in Opec who oppose opening up the taps at Thursday's meeting.
"We do not need more crude, but need to safeguard what we have achieved for the fourth quarter," the minister said on his way to the conference in Osaka, Japan.
Leading Opec power Saudi Arabia has yet to reveal its position but is now thought very unlikely to force through a production increase against the will of the majority. Bureau Report