Kuwait's Oil Minister Mohammad al-Olaim said on Tuesday that the Organization of Petroleum Exporting Countries was prepared to pump more oil if the market needs it.
"OPEC is prepared to increase supplies only if the market needs it," Olaim said in statements reported by the official KUNA news agency.
Olaim, who was appointed last week, said high oil prices were not related to fundamentals of supply and demand.
Tuesday, June 3, 2008
Posted by Sachin Shahane at 4:59 PM
Labels: Heard On The Street
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