Monday, May 31, 2004

Oil production hike only short-term solution: OPEC

Some interesting statements being made by OPEC about the oil markets:
"Almost immediately, three OPEC countries can produce up to three million barrels more. They are Saudi Arabia, Kuwait and the United Arab Emirates,' Omar Ibrahim, head of the OPEC information department, told AFP.
'But its effect will probably not last longer than 48 hours... as supply and demand are not really the problem,' he said on the sidelines of a press conference ahead of Thursday's OPEC extraordinary meeting in Beirut.
'The current situation will only be solved permanently if we look beyond just supply and demand, we look also at geopolitics, we look at the problems of the United States,' he said. "

What does Mr. Ibrahim exactly mean ?


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