Rising Oil Prices Worry OPEC

KUWAIT CITY, 29 August 2005 — The Organization of Petroleum Exporting Countries (OPEC) said yesterday it was more and more concerned about runaway prices and would be exploring options to cool the market during its meeting in September. “We are becoming increasingly concerned at the continuing high level of oil prices, which does not properly reflect the underlying fundamentals of the market,” said a statement issued in Kuwait by OPEC President Ahmed Fahed al-Sabah. “To address the many complex issues involved, OPEC will be exploring various options for the September meeting which will hopefully contribute to moderate prices,” noted Ahmed, who is also Kuwait’s energy minister. OPEC ministers are scheduled to meet in Vienna Sept. 19.