OPEC says higher oil output not needed

BERLIN, Jan 19 (Reuters) – OPEC currently sees no need for an increase in oil output but is analysing the market every day, the organisation’s Secretary General Abdullah al-Badri told German weekly magazine Der Spiegel in an interview.

“We’re carefully analysing the market day in, day out. If we reach the conclusion the fundamental data warrant an increase in production, then our oil ministers will not hesitate to decree this,” he told the magazine in comments published on Saturday.


“But at present we see no need for this.”

U.S. Energy Secretary Sam Bodman said earlier on Saturday Saudi Arabia should raise output to ease tightness in world oil supplies and that OPEC should lift output next month.

When asked if OPEC had celebrated when crude oil prices first reached $100 per barrel earlier this year, Badri said:

“No, why should we? We’re interested in sensible prices. We want stability. It was a sole trader who miscalculated and lost money in the process,” he added.

Reuters