27-09-04

The running high oil prices are market manipulated and OPEC has no role in it, Qatari Minister of Energy and Industry said. Abdullah bin Hamad Al Attiyah told after delivering a keynote address at the 10th annual Energy Conference on Gulf Oil and Gas, organised by the Abu Dhabi-based Emirates Centre for Strategic Studies and Research (ECSSR), that there are no political strings attached to the high oil in the international markets, but it is more a market manipulated situation for which OPEC cannot be held responsible.

"I do not think there is any kind of oil shortage, there are no long queues at gas stations," said Al Attiyah who is also Qatar's Second Deputy Prime Minister. "Further talks in this regard will take place in Cairo in December when OPEC will be having an extra ordinary meeting to discuss the issue," he added.

In his keynote address at the two-day seminar in which several leading experts from the international energy sectors are attending, Al Attiyah stressed upon the balanced role Gulf oil producing countries have to play in providing regular supplies to the consumer markets and at the same time paying equal attention to the development of human resources and the development of right infrastructure. He said the current high oil process do not reflect the supply and demand situation nor the availability of this very important natural source of energy, on which the world depends on.

"Our oil reserves are considered largest in the world and we are responsible to supply the growing demand of this important natural product in a balanced manner," he said.

The transfer of technology alone will bring about the desired results of embarking upon developments programmes that can benefit the people, but also the development of human resources, research and interactive participation at all levels, said Al Attiyah.

"The world is moving towards globalisation, we should improve our working methods and benefit from the experiences of cooperative bodies like the European Union and Markets in minimising wastage."

Earlier Dr Jamal S Al Suwaidi, Director General in his welcome address read out on his behalf by Dr Ali Al Arai, Director, Seminars and Conferences, ECSSR highlighted the need for the conference as an important means for cooperation and coordination between the industry to meet the global challenges surfaced in recent times.

He stressed upon the need for more investment in the filed of research and human resources in the oil and gas sectors. He also pointed towards the need by the Gulf countries to develop a joint strategy to maintain a balance between their own energy needs and requirements and the needs of the global economies.

Source: Khaleej Times