Don't blame OPEC for high oil prices -Qatar

Subscribe to Oneindia News

TOKYO, Nov 1 (Reuters) Qatar's Energy Minister Abdullah al-Attiyah said on Thursday the OPEC cartel should not be blamed for high oil prices since they are determined by the market.

''My advice is, stop blaming. We never fix oil prices. It's market-driven and the market is out of our control,'' the minister told reporters in Tokyo after meeting with Japan's Prime Minister Yasuo Fukuda.

He said the Organisation of Petroleum Exporting Countries has begun increasing production effective from Thursday.

''The question is if there is any shortage in the supply. We believe the market is very efficient in supply. There is no ...

shortage in crude oil,'' the minister said.

OPEC agreed at its last meeting to raise crude supply by 500,000 bpd effective from Nov. 1 but this has failed to rein in oil prices, which struck a record above a barrel on Thursday.

REUTERS MP RAI1347

Please Wait while comments are loading...