Gulf newspapers said yesterday that Opec’s decision to hike output by three per cent would have a limited impact on oil prices, which rebounded overnight to a record high of $35.14.
“In an attempt to appease criticism from mainly Western countries, Opec has decided to increase its production. It will probably have very little long-term effect,” said Dubai’s Gulf News.
Kuwait’s Arab Times agreed that the hike would have little effect on prices: “Despite the increase in production, oil prices will not decline in the future, owing to the burgeoning markets of countries in Southeast Asia and Latin America.”
The Saudi paper Al-Nadwa, meanwhile, urged Western countries to lower taxes imposed on oil products. The Riyadh-based Al-Yaum called on “producers and consumers to maintain an open dialogue” to guarantee their mutual interests. – AFP
©--Agence France Presse
