DUBAI (Reuters) - Oil markets are balanced and there is no need for an emergency
OPEC meeting before September despite record oil prices, Qatari Oil Minister
Abdullah bin Hamad al-Attiyah said on Saturday.
"The oil market is balanced... There is no threat to or crisis in supply," he told Al
Arabiya TV by telephone. "At the moment, I don't think there is a situation that is
big or dangerous that requires a meeting before September."
OPEC is next slated to meet in September to decide on output policy. Runaway
gains that have lifted oil to records close to $128 a barrel had prompted talk this
month that OPEC might consider raising its output before its September
meeting if crude prices keep rising.
Under pressure from consumer nations hard hit by the rally, OPEC kingpin Saudi
Arabia said on Friday it had boosted output by 3.3 percent, or 300,000 barrels
per day, to loosen up the market and make up for declines from other producers.
But Saudi officials at the same time said that the increase would not reduce
prices at the pump.
Our challenge is growth not an OPEC handout. We need to decrease our need for OPEC/oil. We need alternative energy solutions for driving, boating and energy generation. Basic principles will make this happen. This is the biggest threat to a growing US economy. The solution is our policies on alternative energy and how we commit to those that are developing the technology to bring our society to a new evolution. The Federal Government must INVEST in this type of research and technology. All of our great inovations came about based on that (whether it is every day appliances that you find in your home, technological products you use day-to-day without realizing it or pharmicuetical products you enjoy over the counter) so lets stop wasting time talking like you are trying to do something and get the job done.
Any billionaire interested in addressing this issue, please feel free to contact me. The profit is there to be made and I would love to help make it happen.
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