14-09-04

Saudi Arabia said that OPEC is against a $ 40 price tag on oil, but admitted there was little the 11-member cartel could do to reduce it as other players are involved.

"We do not support this price and OPEC does not want this price," Saudi Oil Minister Ali al-Naimi told, referring to the current price of oil, which is skirting at between $ 40 and $ 45 per barrel.

He said OPEC was doing what it could to take the heat out of oil prices after they rocketed in recent months on fears of political turmoil in the Middle East and soaring demand in China.

"OPEC is doing its part, but OPEC is not the only player in town and people want to make money," said the influential minister while on a visit to Vienna, where he and his oil counterparts are due to hold a key meeting to discuss production quotas and other issues. "They know there is no better way to make it than do what they are doing in the market. There is not much we can do. It is very legitimate, people want to make money," he said.

Forits part, Saudi Arabia would continue to pump 9.5 mm bpd of oil as long as there was demand and it had the capacity to produce an extra 1 mm, possibly more, if the need arose, the minister said.

Asked how long he thought Riyadh would maintain its 9.5 mm-barrel output, he said: "It depends on demand and depends on customers."

Source: AFP