Crude Supply Not Behind High Oil Prices, Says Kuwaiti Minister
November 15, 2000 - 0:0
LONDON The problem of high oil prices was due to consuming countries and not OPEC, Kuwaiti Oil Minister Sheikh Saud Nasser al-Sabah said Tuesday.
"There was equilibrium between supply and demand, more oil was not needed but more refinery capacity and products," he told the annual oil and money oil conference in London.
The Kuwaiti minister also blamed Western countries for making "at least three times the amount made by producers" from high crude prices and suggested that their high tax policies on oil should be reviewed.
Most OPEC member were already producing close to their capacities, including Kuwait, and producing more oil would "not have an effect on the market," he told some 400 delegates at the conference.
Al-Sabah welcomed the appointment of the Venezuela Oil Minister Ali Rodriguez as OPEC's new secretary general from January 1, but criticized Iraq for preventing the post going to the Saudi Arabian candidate.
Iraq has not paid for its membership of OPEC and should not have been allowed to vote, he said, adding that OPEC should look at this anomaly in the future.
The Kuwait oil minister said that Rodriguez's appointment would not affect OPEC's policy of being price conscious. Regarding the future, he believed that the organization should think about its strategy.
(IRNA)
"There was equilibrium between supply and demand, more oil was not needed but more refinery capacity and products," he told the annual oil and money oil conference in London.
The Kuwaiti minister also blamed Western countries for making "at least three times the amount made by producers" from high crude prices and suggested that their high tax policies on oil should be reviewed.
Most OPEC member were already producing close to their capacities, including Kuwait, and producing more oil would "not have an effect on the market," he told some 400 delegates at the conference.
Al-Sabah welcomed the appointment of the Venezuela Oil Minister Ali Rodriguez as OPEC's new secretary general from January 1, but criticized Iraq for preventing the post going to the Saudi Arabian candidate.
Iraq has not paid for its membership of OPEC and should not have been allowed to vote, he said, adding that OPEC should look at this anomaly in the future.
The Kuwait oil minister said that Rodriguez's appointment would not affect OPEC's policy of being price conscious. Regarding the future, he believed that the organization should think about its strategy.
(IRNA)