Oil market is well supplied and there is no need to increase oil production. This was according to OPEC Oil Minister Abdullah Al-Attiyah in response to the call of US President Bush to improve output by increasing oil production. Bush's call was made in consonance with the tremendous problems on oil supply and price on the world market.
The Organization of the Petroleum Exporting Countries, source of more than a third of the world's oil, stood ready to boost supply when the market needed it, he added.
"If the market needs more oil we will be there," he said.
Last week, Attiyah said OPEC would need to be cautious ahead of the seasonal fall in consumption in the second quarter and because of the possible effect on oil demand of an economic slowdown in the world's largest energy consumer, the United States.
Attiyah said he would meet with Bodman later this week. The U.S. Energy Secretary is on a tour of Middle East countries after President Bush visited the region last week.
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