24-04-06 Qatar's oil minister has said that his gas-rich country is investing $ 5 bn to boost oil production to 1.1 mm bpd by 2009.
"In Qatar, the smallest oil producer in OPEC, we are putting a lot of effort and investment into increasing our output," Abdullah bin Hamad al-Attiyah told on the sidelines of the 10th International Energy Forum.

The forum kicked off ahead of the official opening with a meeting between oil ministers and heads of the world's largest oil companies.
"Now Qatar's production is about 850,000 barrels (per day), we will go to 1.1 mm barrels (per day) by 2009." Qatar, which boasts the world's third largest gas reserves, had previously announced in November that it would boost its oil production to one mm bpd by 2010.

Attiyah reiterated his view that record high oil prices of more than $ 75 a barrel were more a result of "horrible" speculation and "geopolitics" than any objective shortage of supplies, given major investments in production planned by the OPEC cartel's 11 members.
"This frenzy is fabricated by speculators who are taking advantage of it in the most horrible way," he said. "If you can stop the politicians from making negative statements, I am sure you will see almost $ 15 disappear from the price."

Asked if he was referring to the market's concern over recent hard-line statements about Iran's nuclear programme by President Mahmoud Ahmadinejad, Attiyah said: "It is not just Iran, everybody is making statements."