OPEC could boost output at March 11 meeting: OPEC head 

www.channelnewsasia.com First created : 21 January 2003 2051 hrs (SST) 1251 hrs (GMT) Last modified : 21 January 2003 2303 hrs (SST) 1503 hrs (GMT)

The Organization of Petroleum Exporting Countries may have to agree to a further production hike when it convenes on March 11 as markets have not responded to a decision by the cartel to boost output, said OPEC President Abdullah bin Hamad al-Attiyah on Tuesday.

"All options are open," he replied when asked if the Organization of Petroleum Exporting Countries could take further action to curb prices at a ministerial meeting in Vienna March 11.Advertisement

On Monday, oil prices climbed above US$30 a barrel in London, apparently indifferent to OPEC's decision in mid-January to increase production by 1.5 million barrels a day from next month.

The cartel's decision to raise production was a move taken to shore up market confidence in the face of international political tension.

"The problem is that the market is not receiving that," Mr Abdullah, who is also Qatar's energy and industry minister, told reporters following the inauguration outside Doha of a new petrochemical plant.

"The market is under a lot of political and psychological motivations, such as Venezuela and Iraq," he added.

Industry analysts have warned that war in Iraq and continuing labour unrest in Venezuela could deprive the global oil market of some five million barrels a day.