Oil company stockpiling risks price rise -- OPEC

Heavy stockpiling by the world's major oil companies could lead to further price rises this year, the secretary-general of the Organization of Petroleum Exporting Countries, Rene Ortiz, Said Monday. He told reporters that more than 4.8 billion barrels of crude oil were stockpiled in warehouses around the world, which could lead to further market instability this year.

Mr. Ortiz also hinted that producer countries might use the "oil weapon" to demand the means of processing crude, as well supplying it. He said the 13 member states might adopt a common approach to providing oil in return for accelerated construction of refineries in their countries.

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