The global crude oil market is “very comfortable” and it is unlikely that OPEC would increase production quotas significantly, Abdullah bin Hamad al-Attiyah, Qatar’s energy minister, told reporters today in Singapore.
The Organization of Petroleum Exporting Countries is assessing the market situation and there will be “no dramatic change” in output when the group meets next month, he said after attending a signing ceremony for a new chemicals joint venture with Royal Dutch Shell Plc.
“There’s no shortage of supply,” al-Attiyah told reporters. He declined to comment specifically if OPEC would increase output quotas at its next meeting.
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