US Energy Secretary Samuel Bodman Tuesday said increased oil production by OPEC members was "warranted," adding that he asked for the boosted output when he met with officials from OPEC countries last week during a Middle East trip.
Speaking at a press conference at the US Chamber of Commerce in Washington, Bodman said that when meeting with OPEC officials, he "made the case that the reduction of inventories in OECD countries" indicates the market was looking for greater production.
"I think that would be warranted," Bodman said, adding he had no idea what OPEC planned to do when ministers meet in Vienna Friday.
The US Energy Information Administration January 23 reported US commercial crude stocks at 289.4 million barrels, as of January 18, in the lower half of their average range of this time of year.
Bodman said OPEC members he met with last week told him the market was being "stimulated by a number of players in business who are interested in financial concerns," or speculators.
Speaking at a press conference at the US Chamber of Commerce in Washington, Bodman said that when meeting with OPEC officials, he "made the case that the reduction of inventories in OECD countries" indicates the market was looking for greater production.
"I think that would be warranted," Bodman said, adding he had no idea what OPEC planned to do when ministers meet in Vienna Friday.
The US Energy Information Administration January 23 reported US commercial crude stocks at 289.4 million barrels, as of January 18, in the lower half of their average range of this time of year.
Bodman said OPEC members he met with last week told him the market was being "stimulated by a number of players in business who are interested in financial concerns," or speculators.
