Dubai, April 22:

Energy ministers of the Organisation of Petroleum Exporting Countries (OPEC) have planned to meet in Qatar today to discuss the latest developments in the oil market after prices reached record highs, the UAE energy minister said.

OPEC members, meeting on the sidelines of the World Energy Forum in Doha, will only discuss market prices and will not take action on production levels, energy minister Moha-mmed Dhaen al-Hamili said.

“OPEC does not interfere with prices. Its role is mainly to ensure flow of adequate supply of raw oil into the oil market,” the official Emirates news agency quoted al-Hamili as saying, “Currently there is no shortage in supply.”

Al-Hamili said that the cartel, which pumps about a third of the world’s oil and has an output quota of 28 million barrels a day, “will hold an extraordinary meeting in Caracas next June to discuss the situation in the oil market and take appropriate action.” Oil prices touched a new record of over $73 a barrel yesterday amid concern about Iran’s nuclear ambitions and declining US petrol stocks, but then fell back as traders took profits.

Al-Hamili attributed the current price hike to disturbances in some production areas and lack of refining capacity in consumer countries.

“More investments should be pooled into the oil producing sector in order to enhance production capacities of producers and build more refineries,” he said. Analysts say oil prices are likely to climb higher in weeks to come as worries grow about how Iran — OPEC’s Number 2 oil producer — will react to mounting international pressure.

Rebels disrupting oil production in southern Nigeria could pose another threat to world supplies.

G-7 upbeat

WASHINGTON: The global economy remains on track for continued growth, though soaring oil prices pose a risk, said the G-7 leaders. Even as oil jumped to an all-time high of $75.35 a barrel, finance ministers and central bank chiefs of the G-7 said inflation is under control.

“The strong global economic expansion continues into its fourth year and the outlook remains favourable,” G-7 said in a joint statement. — DPA