• OPEC did not reach decision at last meeting as some members were “scared” of uncertain outlook.
• High prices will hurt growth, OPEC data implied need for supply increase to moderate prices
• Expects OPEC to to find solution at December meeting, currently does not expect meeting before Dec
• Says IEA should not use its strategic oil reserves as a “weapon against OPEC”
• Does not expect oil to revisit 2008 record high of $147 as group holds 4.5 mbpd of spare capacity
• Brent, US crude do not represent fundamentals, market needs third benchmark