Opec Ministers Begin Meet
Vienna, March 10: The Opec oil ministers arrived in Vienna on Monday for a crucial meeting of the 11-nation cartel to discuss possible production increases if case of shortfalls on the world market if the US attacks Iraq.
Key oil producers Venezuela and Algeria said they believe that the cartel has enough room for manoeuvre to avoid a supply shortage in the event of war. But United Arab Emirates’Obaid al-Nasseri said it will be difficult for the grouping to up production as it is already at almost full capacity. “I think everybody is producing almost about” full capacity, he said. Crude prices have skyrocketed since January because of fears of a war on Iraq.