OPEC ready to increase output if needed: chief

President of the Organization of the Petroleum Exporting Countries (OPEC) Sheikh Ahmad Fahad Al- Sabah said Sunday that OPEC will increase production whenever needed, the Kuwait News Agency (KUNA) reported.

After arriving in Vienna for an OPEC ministerial meeting, Sheikh Ahmad, also Kuwait's energy minister, told KUNA that the oil market did not suffer any shortage of supplies, but instead there was a surplus in production.

Sheikh Ahmad said OPEC has pumped with its maximum output to calm prices that sky-rocketed following Hurricane Katrina which forced shudown of oil refineries in the gulf of Mexico.

Whenever OPEC feels there is a need to increase production, Sheikh Ahmad said, "it will not hesitate to take this step to plug any possible shortage in supplies, especially when we have recently seen that global economy was affected by high oil prices. "

"Although we know there is no shortage in (oil) supplies and reasons of high prices are attributed to factors related to refining, geopolitical or climate reasons, the organization will play a role in stabilizing prices and markets," Sheikh Ahmad said.

On his proposal to increase output by 500,000 barrels per day ( bpd), Sheikh Ahmad said the proposal will be discussed by member states.

Source: Xinhua