The Organization of the Petroleum Exporting Countries (OPEC) will take active measures to control the soaring oil prices, the 11-member cartel's chief said Tuesday.
OPEC President Sheikh Ahmad Al-Fahad Al-Ahmad Al-Sabah, also the Kuwaiti energy minister, was quoted by the Kuwait News Agency as saying that OPEC is keen to supply needed oil to the world market in order to maintain a certain price level in the interests of the producing countries.
He said worldwide oil output is expected to reach 106 million barrels per day (bpd) during the second quarter of 2005.
The OPEC chief announced last week that the cartel will continue with the same oil production level. OPEC's actual output tops 29 million bpd at present.
Kuwait is seeking the help of international oil companies to increase its oil production in northern oil fields from 450,000 bpd to 900,000 bpd, the official said, adding Kuwait has spent about 10 billion US dollars in oil projects as part of its long-term strategy.
Kuwait, an OPEC member, has the world's fourth largest proven oil reserves of 99 billion barrels, after Saudi Arabia, Iran and Iraq.
Source: People's Daily
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