People Daily - 24/4/2006

Qatar, host of a world energy forum, called for restoring stability to world's oil market, the official Qatar News Agency (QNA) reported on Sunday.

In an opening address to the 10th International Energy Forum, which was formally unveiled on Sunday in the Qatari capital Doha, Qatari Crown Prince Sheikh Tamim Bin Hamad Al-Thani underlined the importance of market stability.

"The forum is being convened under circumstances where we need more dialogue and consultations to surpass all the difficulties that obstruct optimum use of energy and restore stability to its markets as it is an indispensable strategic commodity," said the crown prince.

He urged oil producers and consumers to coordinate stances in order to maintain market's stability, according to the report.

The forum, which will run till Tuesday, came in the wake of a record high oil price of 75 U.S. dollars a barrel last Friday.

Oil ministers and representatives of 56 oil producing and consuming countries gathered in Doha for the event.

However, no decisions that would have any direct or quick influence on international oil market are expected to be made at the meeting, according to Qatari Oil Minister Abdullah Bin Hamad al-Attiya.

His comment came one day after the Organization of Petroleum Exporting Countries (OPEC) said that it will not make new decisions concerning oil production at the forum.

Oil ministers of OPEC members, who kicked off the forum informally on Saturday with closed-door talks, said that the global oil supply is currently balanced with the demand and that OPEC is not responsible for the recent oil price hike.