OPEC Will Increase Production if Necessary
While the Organization of Petroleum Exporting Countries' Secretary General Adballa Salem el-Badri says that the world market is adequately supplied at present, OPEC would increase oil production at future meetings if it is necessary, Reuters news agency reports.
According to Salem el-Badri, OPEC ministers would not hesitate to raise production if it becomes clear that an increase is necessary, although he is confident that there is enough oil in the market. OPEC provides about 40% of the world oil needs.
OPEC is scheduled to meet next on Feb. 1 and March 5.
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