VIENNA (Thomson Financial) - Kuwait's acting oil minister Mohammad al Olaim said ahead of a key OPEC output meeting Tuesday the cartel does not believe high oil prices are related to supply demand factors.
'The (oil) price increase is not related to demand and supply so we think that whatever you do this will not affect directly the price,' al Olaim told reporters in Vienna.
His comments, which were in the same vein as those of Qatar's oil minister earlier, reinforced market expectations OPEC will not raise output at its Tuesday meeting. maytaal.angel@thomson.com 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.