OPEC oil ministers were trying late on Saturday to hammer out an accord on boosting production by at least 500,000 barrels a day to ease soaring prices, which have sparked worldwide concern and protests.
But on the eve of a meeting on Sunday, key ministers of the Organization of Petroleum Exporting Countries (OPEC) rebuffed pressure, notably from Europe, saying that governments must do their part by slashing taxes.
“The pressure putting all the blame on OPEC is misguided and wrong,” OPEC heavyweight Saudi Oil Minister Ali Al-Nuaimi told AFP in an interview ahead of the meeting on Sunday.
“Instead of putting pressure on OPEC, which is already taking action on its own to moderate prices, different European governments should re-examine the tax structure on fuels in their countries,” He added.
The European Union, where protests have flared in France and more recently Britain over spiraling oil prices, took the rare step of issuing a blunt call to the OPEC ministers on Saturday, on the eve of their meeting.
“Ministers call on OPEC to implement measures to ensure that market supplies are better adapted to the global economic situation,” Said a statement issued by EU finance ministers meeting in Versailles, France.
Bureau Report
