By IANS
Abu Dhabi : The Organisation of the Petroleum Exporting Countries (OPEC) would take every necessary measure to maintain market stability, including pumping more oil, OPEC member United Arab Emirates’ energy minister said Thursday.
Mohammed bin Dhaen Al Hamli made the comments before travelling to Vienna for the extraordinary OPEC meeting that will open Friday, WAM news agency reported.
He said world oil prices might remain volatile due to the current state of the global economy that has been exacerbated by the sub-prime mortgage crisis in the US.
Al Hamli remained non-committal on whether or not OPEC would increase output in view of the of the current market volatility.
“Any decision to maintain or increase the current production ceiling will be based on informed opinions, studies and analyses that will be presented to the ministers”, he said.
“All market and economic indications are that the world economy is heading towards recession. Nevertheless, it is predicted that the global economy will continue to grow by 4.8 per cent during 2008, a growth rate that is closer to last year’s level.”
While underlining OPEC commitment to strike a balance between supply and demand, Al Hamli cited weakening US dollar, speculation and US housing sector crisis as the main factors responsible for oil price volatility.