OPEC President: Spare Capacity Offer Is ‘Hope To The Hopeless’

OPEC President Edmund Daukoru Sunday signaled the producer group could do nothing to quell record-high prices, when he described a proposal that it offer out its spare capacity to the market as little more than “hope for the hopeless”.

The Organization of Petroleum Exporting Countries meets informally Monday on the sidelines of the 10th International Energy Forum here and Kuwait’s Oil Minister Sheikh Ahmad Al-Sabah said he would propose OPEC again offer out its claimed 2 million barrels a day of spare crude capacity to help quell supply concerns.
DowJones Newswires