Opec does not want 2008 oil spike to repeat

Opec does not want a repeat of the 2008 oil price spike and would act to balance the market, Opec's secretary-general said on Monday, but added the group will not boost production based on the oil price rally alone. "We don't want 2008 to be repeated... Opec is always ready to meet when we see the market is out of balance," Abdullah al-Badri told reporters, adding he had not yet discussed unrest in Egypt with Opec ministers and delegates. "Opec will not act unless there is a disruption," he said adding he expected Opec's output to be a little higher this year due to Iraq.