Qatar's oil minister states that the country will not follow Saudi Arabia's lead in increasing oil production, claiming that supplies are adequate.
``I never heard any panic about a shortage of supply, just about the high price,'' Abdullah bin Hamad al-Attiyah told Bloomberg in an interview in Madrid. ``We see in the market there are lots of cargoes.''
Qatar joins United Arab Emirates and Kuwait as OPEC members who are balking at increasing crude oil production.
OPEC
President Chakib Khelil states that oil may reach $170 in 2008 due to a weak dollar and increasing demand.
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