By
Associated Press
.
Published: Mon, September 08, 2008 - 9:23 pm
Last Updated: Mon, September 08, 2008 - 9:27 pm
OPEC Oil ministers arriving in Vienna fora meeting Tuesday have been voicing differing opinions on the need
for a production cut to prop up prices.
Kuwait's minister says there's no need to tighten the spigot and
his opinion could be influential. He's part of a committee that
will make recommendations on the matter. He does note that current
supply is outpacing demand.
The energy minister from the United Arab Emirates says OPEC's
policy is to keep the world market "well supplied" and says that
hasn't changed.
But officials from Iran and Libya disagree. The chairman of
Libya's National Oil Corporation tells The Associated Press:
"There is a glut in the market that warrants creating order."
Oil prices have fallen nearly 30 percent since hitting record
highs above $147 a barrel in July. Today, it settled under $107 a
barrel on the New York Mercantile (MER'-kuhn-tyl) Exchange.
However, prices are still 14-percent higher than they were a year
ago.
OPEC Wants To Cut Oil Production
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