Please don’t blame us for $93 oil: OPEC

LONDON (Reuters) – OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.

“Please don’t blame us for $93 oil,” Qatari Oil Minister Abdullah al-Attiyah told reporters on the fringes of an international energy conference.


“The market is out of control.”

OPEC President Mohammed bin Dhaen al-Hamli reiterated OPEC would always step in to meet supply shortfalls, but a 34 percent surge in the oil price since mid-August was driven by a flood of speculative investment and international political tensions.

Reuters