Opec won't raise production until prices rise another 30 per cent
12 June 2009

Fuel prices are set to rise after oil cartel OPEC said it won't increase production until the price of oil has risen to $100 (£60) a barrel.

The news was revealed by Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah. Oil is currently trading at around $71 (£43) a barrel.

Sheikh Ahmed said that production wouldn't increase with oil at $75 (£45) a barrel, “but if it reaches $100, maybe.”

The price of crude oil has risen around 60 per cent this year, after plunging as demand dropped off during the worldwide economic crisis.

Sheikh Ahmed said that oil prices have increased because investors have bought crude oil as a hedge against a weakening US dollar, not because demand is rising.

“The numbers, in terms of economic recovery, are not with the rise of oil,” he said, outlining why Opec was cautious about raising production.

Opec supplies about 40 per cent of the world's oil.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK