VENEZUELA: OPEC members gather for the annual conference in Caracas to tackle near record oil prices and soaring demand

Record ID: 661601

  • Title: VENEZUELA: OPEC members gather for the annual conference in Caracas to tackle near record oil prices and soaring demand
  • Date: 1st June 2006
  • Summary: PAN / SEMI CLOSE UP: MOHAMMED BIN DHAEN AL HAMLI, MINISTER FOR ENERGY OF UAE (UNITED ARAB EMIRATES) ARRIVING AT THE HOTEL (2 SHOTS)
  • Embargoed: 16th June 2006 13:00
  • Keywords:
  • Topics: Energy
  • Reuters ID: LVACVU9YKKK9AQOU3R8EYX8M2ANS
  • Story Text: OPEC ministers gather for the annual conference in Venezuela's capital Caracas, oil prices have reached near record highs above $70 US dollars per barrel.
    Tight security surrounded the Caracas hotel where ministers are due to discuss the soaring demand in Asia and concerns about instability in the Middle East at Thursday's (June 1) conference.
    The Middle Eastern state of Qatar expects OPEC to leave oil output unchanged when it meets tomorrow, Qatari Oil Minister Abdullah al-Attiyah said on Tuesday (May 30).
    "We are hoping now that the market will stabilise, we are trying to avoid the market going high and low. This is my main concern about very high prices and then very low prices," he said.
    Most members of the 11-member OPEC cartel are already pumping as much oil as they can.
    The conference will cover policy and conditions of the member countries and the petroleum market. Most of the other OPEC members want to keep oil pumping at full throttle to make the most of the high prices, cap the prices surge and prevent it from denting global consumer confidence. However, OPEC host Venezuela, the world's No. 5 oil exporter, key supplier to the United States and fierce price hawk within the cartel, is calling for production cuts.
  • Copyright Holder: REUTERS
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