VIENNA (Thomson Financial) - Qatars oil minister Abdullah al-Attiyah said Sunday the OPEC cartel would increase its output if it saw proof that the world needs more oil now.
Speaking in Vienna ahead of the cartels production meeting Tuesday, al-Attiyah said: We are watching the market very carefully if the market will need more oil and we have the proof, we will produce.
He added, however, that the cartel has not as yet seen this proof, but that once it does, it can move very quick we will never be late in supplying the market.
The comments reinforced the crude oil markets widely held expectation that come Tuesday, OPEC will opt to keep output quotas unchanged even with oil prices nearing record levels. maytaal.angel@thomson.com ma/ma COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.