DOHA - Oil producers are worried about the fall in the value of the dollar, Qatari Oil Minister Abdullah bin Hamad al-Attiyah said Tuesday, suggesting it was inflating oil prices as there are no market shortages.
"Producers are concerned about the weakness in the price of the dollar and the current price of oil is not due to a shortage in supply," the minister told a Middle East investment conference.
Attiyah spoke of the unease certain oil states, including some in the OEPC cartel, at the historic weakness of the dollar against the euro.
"Changing from one currency to another is a difficult decision to take within OPEC," said the minister, without stating any position.
In London, the price of Brent crossed 32 dollars a barrel on Tuesday for the first time since mid-March as the market responded to fears of further falls in US stocks because of a cold snap.
Attiyah said OPEC had yet to take a decision on production levels and consultations continued ahead of the cartel's next meeting on February 10 in Algiers.
Iraq expected to rival Saudi in OPEC oil stakes