"In my opinion there is no need to keep any more ceilings for production, because it's very clear that, if there was no ceiling, the market will adapt much faster to the [price] impact and we could expect prices to go down."
The European Commission plans to ask OPEC producers Tuesday to abolish their crude production targets as part of measures to help reduce record oil prices, EU Energy Commissioner Andris Piebalgs said, although senior OPEC officials said there was little they could do to bring prices down
"There were some minor problems that had been sorted out, there were also some issues with Pakistan that has been taken care of. The Pakistan oil minister has changed and so we have to deal with the new minister who is going to deal with it. Very soon, we should be able to sign the agreement with Iran and Pakistan."
Officials from India, Pakistan and Iran will meet in Tehran in July to discuss their planned $7.6 billion pipeline project to carry gas from Iran to India via Pakistan, the Indian oil ministry Murli Deora said Monday.
Updated: June 24, 2008
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