BANGKOK: The Organisation of Petroleum Exporting Countries yesterday tried to soften global concerns about decreasing oil supplies, saying it was committed to providing enough for world consumption.
“Opec is committed to ensure steady, secure supplies of crude oil to all consumers at affordable prices both now and in the future,” the group’s president Mohammed al-Hamili said here.
“We are determined to develop sufficient production capacities in tandem with growth in demand to meet world oil needs,” said al-Hamili, who is also the UAE energy minister.
Addressing concerns over decreasing global oil inventories, al-Hamili said the existing supply was sufficient, but declined to comment on the possibility that Opec might decide to increase output at its next meeting.
“We supply to the market. When there is a decrease in inventory, they come to us and we give them supply,” he said.
“We are ready to pump more whenever there is a requirement,” he added.
In its monthly report published March 15, Opec said that world oil demand would grow by 1.5% in 2007 from the level last year, matching its forecast in January and February.
The powerful group also decided to leave its total daily output unchanged at 25.8mn barrels at a ministerial meeting in Vienna last week, arguing that global supply levels are healthy.
Al-Hamili said yesterday that Opec’s supply to the world market was expected to rise by nearly 60% by 2030.
The Opec chief was in the Thai capital for the beginning of a three-day conference focusing on Asian energy needs.
In his opening remarks, he stressed the need for Asia to further develop a transportation network to safeguard supplies from beyond its borders.
The region imports over 90% of its crude oil requirement, with the biggest oil demand growth rates in the world.
Hassan Qabazard, Opec’s research division director, said the group targeted the price of oil to stay in the band of $50-60 a barrel in the coming few years. – Reuters
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