[Goldfisch]

OPEC urges the US to use emergency oil reserves

Wednesday, October 27, 2004 7:56:55 AM ET
newratings.com


NEW YORK, October 27 (newratings.com) – The Organization of Petroleum Exporting Countries (OPEC) has asked the US government to release oil from its Strategic Petroleum Reserve (SPR) to help ease the rising oil prices.

The OPEC President, Purnomo Yusgiantoro, said today that the cartel had requested the US to use its emergency oil reserves to bring down the oil prices. The OPEC would further discuss the matter with the US authorities, Purnomo Yusgiantoro added. The OPEC president said that all the members of the group were asked to increase their oil production "to give a signal to the market" that there were no supply shortages. The International Energy Agency (IEA) said in a report yesterday that the OPEC is expected to cater to more than 50% of the global oil demand by 2030. Oil prices have increased significantly in the recent past on growing concerns surrounding a potential shortfall in the US heating fuel supplies during this winter season. However, the US administration has consistently refused to use its emergency oil reserves to bring down the oil prices, unless there is a severe supply disruption.