Source Pravda.Ru

US Energy Secretary Calls For OPEC To Let Markets Set Oil Prices

The US Energy Secretary Spencer Abraham has said that OPEC should let the financial markets set oil prices, rather than artificially setting prices by cutting production levels.

The Organisation of the Petroleum Exporting Countries left oil production unchanged at 21.7 million barrels per day during a regular meeting in Vienna on Wednesday.

The group will not revisit the issue until its next scheduled meeting on September 18th later ion the year.

Abraham, speaking to reporters after addressing a luncheon at the League of United Latin American Citizens' national convention, said he had taken note of a decision he said was expected.

"We've encouraged our producer friends, as we've said from day one, to let the market govern. We think that is not only in the interest of consumer nations, but producer nations as well," he said.

But Abraham said that the US would not start pressing producing nations to increase their output.

"We're not going to go begging for oil or begging people to increase production. We're advocating letting the markets govern," Abraham said. "When you start artificially trying to set price levels, it can have a negative impact on economic growth."

Abraham also said the US is planning a summit between US and Russian energy companies. An increased alliance between US and Russian energy companies could create a stronger counterbalance to OPEC.

"We've announced our intention to bring together the corporate players from both the United States and Russia, to talk about ways we can expand energy trade and American participation in energy development in Russia."

The dates for the meeting are not set, but the summit will be held in Houston, he said.

©

&to=http://www.opec.org/' target=_blank>OPEC

Comments
Russian Defense Minister speaks about war with Ukraine, US and fight for Crimea
Russian Defense Minister speaks about war with Ukraine, US and fight for Crimea
Is President Trump a traitor because he wants peace with Russia?
Is President Trump a traitor because he wants peace with Russia?
Is President Trump a traitor because he wants peace with Russia?
Trump versus the Traitors on Capitol Hill
Trump versus the Traitors on Capitol Hill
Is President Trump a traitor because he wants peace with Russia?
Europe suspects Ukraine was part of failed special operation to shoot down MH17
Lightning strikes tree under which five people were hiding from heavy rain
Europe suspects Ukraine was part of failed special operation to shoot down MH17
Russia to prove its innocence in MH17 disaster
Trump versus the Traitors on Capitol Hill
Putin warns of consequences should Georgia and Ukraine become NATO members
Trump versus the Traitors on Capitol Hill
Trump versus the Traitors on Capitol Hill
Putin warns of consequences should Georgia and Ukraine become NATO members
Putin-Trump summit in Helsinki held in the cross hairs of the Russian fleet
Can USA and Russia reset their relationship in Helsinki or is it a waste of time?
Trump versus the Traitors on Capitol Hill
Russia to prove its innocence in MH17 disaster