Thumbs down on Opec output rise
Wire services
Opec sees no need to raise oil production to counter high oil prices, the
organisation’s president, Chakib Khelil, has said.
"No," said Khelil, who is also Algeria's energy and mines minister, when asked
by reporters whether Opec should raise production.
"There is a balance between supply and demand," he said yesterday, speaking
during a visit to Kuwait. He said a previous output increase had failed to
bring prices down.
A falling dollar was a main factor behind the surge in oil prices. US crude
hit a record high of $117 a barrel on Friday.
Khelil was quoted by Kuwaiti state news agency KUNA as saying Opec wanted an
"appropriate" price suiting both consumers and producers, but declined to
say what that price level would be.
He also said Opec had the ability to raise output by 2 million barrels per
day. The agency did not elaborate, Reuters said.
21 April 2008 00:23 GMT
| last updated:
21 April 2008 07:32 GMT
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