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No dramatic OPEC decisions says Qatar

09 May 2011

Qatar's Energy Minister Mohammed Saleh al-Sada has ruled out any "dramatic" action to control prices by OPEC, insisting production and supplies were at healthy levels. Speaking to media on the sideline of an industry meeting in Doha, he said he didn't expect major production changes at the next OPEC meeting.

"We think the fundamentals are fine and can't see shortage of supply. OPEC countries and non-OPEC countries are producing and supplying, and satisfying world demands," he said. "Clearly the supply level and the stocks level is healthy, and we are after the stability of oil prices." Nor does he foresee a free fall in oil prices, despite a recent fall. The tiny energy emirate has received requests for additional supplies of gas to Japan, the minister also revealed. And he added that unrest in Libya would not affect oil supplies. "Many countries, especially from OPEC, have offset the shortfall and it is clear that there is no shortage in production and supply in the world,"  concluded the new minister, who was appointed in January 2011.

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