DOHA, Oct 29 (Reuters) – OPEC would be happy to raise crude oil output if needed but there was no sign yet of a supply shortage in world oil markets, despite record high prices, Qatar’s oil minister said on Monday.
Abdullah bin Hamad al-Attiyah told reporters that international tensions were behind high oil prices.
“I haven’t any signal that there is any shortage of crude… I believe a big portion of the oil price today is related to geopolitics and fear factors, and we cannot solve it,” he said.
“Sometimes there is a shortage of oil products but not of crude. This is because of limitations of refinery (capacity). Consumers and producers should invest more in refining. We don’t have a magic stick to solve this.”
Oil leapt to a fresh record high on Monday, to $93.20 a barrel as Mexico briefly halted a fifth of its production due to bad weather and the dollar struck new lows.
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