The Azerbaijan State News Agency

ECONOMY

OPEC CAN DO NOTHING: CARTEL MEMBERS

03.08.2004 [16:27]
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U.S. oil prices got closer to record level of $44 a barrel on Tuesday at NYMEX after OPEC’s head Purnomo Yusgiantoro said that the cartel could do not much to cool crude oil prices.

London's Brent crude climbed 21 cents to $40.18 a barrel.

Yusgiantoro said on Tuesday OPEC countries had no extra oil to immediately supply the world market to bring down prices. "The oil price is very high, it's crazy. There is no additional supply."

He quoted Saudi oil Minister Ali al-Naimi, who said that Saudi Arabia can increase production but they cannot do it immediately.

Purnomo's comments echoed those on Monday of Algerian Oil Minister Chakib Khelil, who said the cartel had done all it could to stop this year's oil price rally.

"OPEC can do nothing," Khelil told reporters in Algiers.