Qatar Says No Need for OPEC to Extend Oil Offer

OPEC should not extend its offer to sell its remaining 2 million barrels per day (bpd) of idle crude production capacity due to large amounts of oil now in transit, Qatar’s oil minister said yesterday.

“I don’t see a good reason” to extend the offer, Qatari Oil Minister Abdullah al-Attiyah told reporters in Doha. “I see a lot of floating tankers and the number is increasing every day.” “There is more oil and no one wants to buy it,” he added.