OPEC okays to provide adequate, sufficient oil supplies

Adequate, sufficient and timely.... these were the promises of OPEC during the recent two-day summit held in Riyadh, just to ensure that the world market would never again suffer from oil crisis and related problems. The organization made it sure that the would mean their commitment as an answer to their vision of global poverty eradication.



Fears the United States or its ally Israel could attack Iran, which Washington says is covertly seeking to develop atomic weapons, have helped drive world oil prices to record levels. Tehran denies the charge.

Soaring prices have prompted calls by consumer nations for the exporters' group to pump more crude, but OPEC oil ministers said this week any decision on raising output will be left to a meeting in Abu Dhabi on Dec. 5.

Correa told the conference on Sunday he favoured pricing oil in a currency stronger than the dollar. The U.S. currency's drop in the value against other major currencies has helped fuel oil's rally to $98.62 last week, but has also cut the purchasing power of the Organization of the Petroleum Exporting Countries.

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