Opec doesn’t need to act on oil prices, Qatar says

Opec, producer of 40% of the world’s oil, doesn’t need to take action after crude prices reached a six-month high amid a dispute between Iran and the UK over the detention of 15 British servicemen, Qatar has said.
“Opec is not powerless, but there is no reason to do anything at this point,” Second Deputy Premier and Energy Minister HE Abdullah bin Hamad al-Attiyah said by phone yesterday from Paris.
“There’s no shortage of supply. The rise is related to geopolitical tensions.”
“Opec is going to need to put more oil on the market unless it is really trying to push prices back up to the sort of levels we saw last summer,” Julian Lee, senior analyst at the London-based Centre for Global Energy Studies, said yesterday in a television interview.

“It is our view that Opec has cut too much oil from the market.”

Gulf Times