OPEC Chief Blames West for High Oil PricesSecretary General of the Organization of Petroleum Exporting Countries (OPEC) Alhaji Rilwanu Lukman blamed Saturday the US and other western countries for the high oil prices.The soaring prices of fuel and other oil products were not caused by inadequate market supplies, but resulted from the hefty taxes on oil imposed by western states, the OPEC chief told an energy conference that opened here Saturday. He called on the West not to put the blame on the oil cartel and its decisions in order to shrug off concerns by world public opinion, the Islamic Republic News Agency reported. Lukman said OPEC countries have decided to lift output on three different occasions this year to bring down the prices, and the measures have restored a balance to the oil market. He expected, however, that oil prices might fall after the winter season, and OPEC would cut production if necessary. OPEC member states need sufficient revenues and fair prices to fulfill their role in meeting world energy supplies, he said, adding that "to achieve this goal more cooperation and coordination among member states are needed." At present 40 percent of the world oil is produced by OPEC and over 60 percent of oil transactions are conducted by OPEC members. Given the fact that three fourths of the world's proven oil reserves are located in OPEC member states, the cartel's share in meeting global oil demand would rise in future, Lukman pointed out. OPEC groups 11 countries, namely Saudi Arabia, Iran, Iraq, Venezuela, Kuwait, the United Arab Emirates, Qatar, Nigeria, Libya, Algeria and Indonesia. |
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