Ministers of the Organization of Petroleum Exporting Countries meeting in Geneva this month will discuss ways to prevent oil companies from making excessive profits during the current oil shortage, OPEC Chairman Mana Said Oteiba said yesterday.
Oteiba told reporters that he would propose that the cartel "blacklist" companies capitalizing on supply problems to make unfair profits.
Oteiba also said that future oil sales to consumer nations should depend on whether they help bring about a Middle East peace settlement favorable to the Palestinians.
"Countries that expect us to maintain our supplies of petroleum should help us to arrive at a rightful solution to the Palestinian situation," Oteiba told the opening of an Arab energy conference in Abu Dhabi.
In an interview, Oteiba siad price increases would not be discussed until the end of the year, unless there is a dramatic change of circumstances.
Oil officials in Adu Dhabi said OPEC might consider steps to cut out oil companies as go-betweens, instead signing direct contracts with governments.
In his speech, Oteiba, who is oil minister for the United Arab Emirates, said major oil companies had asked for an 80 percent increase in their price for refined prodcts sold to the Emirates, which can refine only 25 percent of its needs and must import the rest already refined.