By Xinhua
Abu Dhabi : Saudi Arabian Oil Minister Ali Al Naim said here Monday his country is not planning an increase in its oil production capacity, Emirates News Agency reported.
“Saudi Arabia adheres to about nine mbd (million barrels per day),” said Naimi, who arrived in Abu Dhabi Monday to attend Wednesday’s 146th meeting of the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC).
“The market is well supplied and we have to look into the information in order to take the next step,” he said, adding that OPEC has nothing to do with oil prices.
In a speech at an energy conference held in Singapore on Nov 28, Naimi said there was a disconnect between the fundamentals and the rising price.
He attributed high oil prices to the weakening US dollar, speculation and geopolitics. OPEC is under increasing pressure from consumer countries to raise production to lower prices.
The Vienna-based cartel said Monday that the weekly average OPEC oil prices dropped to $88.78 per barrel last week after soaring above $90 per barrel in the previous week.
The meeting in Abu Dhabi is expected to reach a final decision on the production levels of the OPEC members.