Qatari Oil Minister Says OPEC Can’t Curb Price of Crude Oil

Oct. 28 (Bloomberg) — Qatari Oil Minister Abdullah bin Hamad al-Attiyah said the Organization of Petroleum Exporting Countries “can’t do anything” to quell rising oil prices, which breached $92 for the first time in New York last week.

“ The market is under psychological pressure, not demand pressure,” al-Attiyah said in an interview today in Doha.


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“There is no shortage of supply at all. We checked with all our customers,” al-Attiyah said on the eve of a gas conference in Qatar’s capital.

He said it was unlikely OPEC members would agree to further raise output at their next meeting in the United Arab Emirates in December. “We will have to study the market at that time,” al- Attiyah said.

Bloomberg