World needs more petroleum refineries: Qatar - Yahoo! News

DUBAI (AFP) - Record-high oil prices are a result of a global shortage in refining capacity and, try as it may, OPEC is powerless to make any difference on prices, Qatar's energy minister said.

"OPEC is doing what it can ... and is producing what it can," with its members pumping at full capacity, Abdullah bin Hamad al-Attiyah said, when asked what the cartel could do to influence prices.

The Organisation of Petroleum Exporting Countries is to hold an informal meeting in Doha this weekend on the sidelines of the 10th International Energy Forum.

Attiyah said the "world does not face a supply crisis; the market is better supplied than before, but the problem facing the world, especially in the United States, is the shortage of refinery capacity.

"Today, we should be concentration on the construction of more refineries to prevent all shortfalls in petroleum products," the minister said.

"I call on the industrialized country's, and on the United States foremost, to open their doors to investment in refineries and to facilitate the issuance of authorizations" for their construction.

Oil prices fell Thursday on profit-taking after reaching historic peaks above 74 dollars in London and 72 dollars in New York.


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