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June 29, 2008
Qatari Opec Official: USA Shouldn't Ask Other Nations To Do What It Can Do By And For Itself
Topics: OilOne has to admit, the guy does have a point:
Oil markets are oversupplied but it would not be wise for any OPEC exporter to tighten the taps given the risk of exacerbating prices, Qatari Oil Minister Abdullah al-Attiyah said on Sunday.Related opinion: Democrats stall oil independence - Thanks to the Democrats, environmentalists and fellow whiners at all levels of government, we are now at the mercy of the oil-producing Arab states and their lunatic friends and paying dearly at the gas pump and throughout our economy.Attiyah's remarks came after Libya's most senior oil official said on Thursday he was studying the possibility of reducing output in response to a U.S. threat to sue OPEC members, although he said the North African country had no concrete plans to do so for now.
"It is not wise today to cut supplies even though there is a surplus because we do not want to create a psychological problem," Attiyah told Reuters. "I'm not in favour of it at all. We want to try to help to ease the psychological heat."
But the Qatari minister criticised a move by U.S. politicians to sue the Organization of the Oil Exporting Countries if the oil club did not pump an amount of oil that Washington sees sufficient.
"The Congress should look to increase exploration inside the United States," Attiyah said. "It is strange to ask what I should produce. It's an issue of sovereignty."
The U.S. House of Representatives has passed a bill allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices.
The Senate has yet to vote on it and the White House has said it would veto the bill.
Attiyah said if enacted, the measure could create a problem for the U.S. market as many producers would avoid U.S. buyers.
Posted by Richard at June 29, 2008 1:36 PM
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- Qatari Opec Official: USA Shouldn't Ask Other Nations To Do What It Can Do By And For Itself - Jun 29, 2008
