OPEC sees no need to pump more after price surge
Sun Jun 8, 2008 11:04am EDT / By Simon Webb
DUBAI (Reuters) - OPEC members saw no need on Sunday to pump more oil in response to last week's double-digit surge in oil prices to over $139 a barrel that top exporter Saudi Arabia described as unjustified.
More pain was coming for consuming economies hurting from record fuel costs as prices were likely to climb further, officials from the Organization of the Petroleum Exporting Countries (OPEC) said.
Oil soared more than $16 a barrel - over 13 percent - in a two-day rally on Thursday and Friday on weakness in the U.S. dollar and rising tension between Israel and Iran.
"I think there is enough oil in the market," Shokri Ghanem, head of OPEC member Libya's National Oil Corporation, told Reuters in a telephone interview.
Top oil exporter Saudi Arabia is the only OPEC member with capacity to boost output quickly and significantly.
But Saudi Oil Minister Ali al-Naimi and his Pakistani counterpart met on Sunday and agreed that the price rise was unjustified and unrelated to market fundamentals, the official Saudi Press Agency reported.