Asia Bizz: The OPEC ministers have together said that there is no need to raise the oil output even though the oil prices around the world are nearing $100 a barrel. The decision has come through even after the West’s energy watchdog has harked it as ‘Alarming’. UAE, Iran and Venezuela oil ministers are not concerned with the rising oil prices or its demand, they same response came from the Algerian minister too.
According to these ministers, they feel that market is well balanced and there is no need of supplying them with additional oil. The UAE Oil Minister said “There is no shortage of oil, the market is well supplied. We’re monitoring the market very closely.”
The ministers also say that the current oil prices will remain still for the next coming months. Crude oil prices have touched $91 a barrel almost everywhere in the globe, and the worst hit countries with such prices are the developing countries, especially in Asia.