The Organisation of Petroleum Exporting Countries (OPEC) will act to balance the market after oil prices rose to their highest in four years, but its options may be limited by available spare capacity.
Malam Mele Kyari, head of crude oil marketing at the Nigerian National Petroleum Corporation (NNPC) and also the country’s OPEC representative, told Reuters on Wednesday.
“Its obvious that if you have high prices it’ll affect demand, so you have to do some market balance,” Kyari said.
“OPEC will do everything to stabilise, to balance the market, but I’m sure you’re also aware that there’s a limit to what they can do.
“You must have the spare capacity,” the official said. (Reuters/NAN)