Turkish official says high oil prices temporary

20:15, February 24, 2011      

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Turkish Energy Minister Taner Yildiz said Thursday that the Libyan crisis would not affect global oil supply and that there would be no extra taxes on gasoline and natural gas.

Libya produces 1.6 million barrels of oil a day out of a global supply of 86 million barrels, and Libya have reduced production only by 25 percent, Taner Yildiz said after the 30th general assembly of the International Investors Association held here.

Oil prices have skyrocketed over speculation that Libyan chaos might spread to other oil-producing countries, with U.S. crude up 15 percent reaching over 100 dollars a barrel.

Yildiz held bilateral talks with the energy ministers of 10 countries, including the United States and Saudi Arabia.

He said he was assured by Saudi Arabia that if supply was needed, the country had a capacity for four million barrels a day to compensate for Libya.

"The prices will go down once stability is again ensured," he said.

Source: Xinhua
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