Himalayan News Service

Kuwait City, March 24:

The Organisation of Petroleum Exporting Countries (OPEC) will not consider another raise in oil output because falling prices showed there was enough supply in the market, cartel’s chief Sheikh Ahmad Fahd al-Sabah has said. Ahmad said he had consulted with OPEC ministers, who agreed that there was no need at present for another quota hike, after a 500,000-barrel per day raise last week, Xinhua reported. “We believe the time has not come to raise production. Today prices dropped and we believe there is enough supply in the market,” he told reporters. OPEC, which produces roughly 40 per cent of the world’s oil, agreed last week to boost its output quota by 500,000 barrels. The group also agreed that if prices kept rising, Ahmad could consult other members on a further quota rise.