Algeria: OPEC won’t restrain oil prices now

19 Apr 2010

(MENAFN) Algeria’s Energy Minister, Chakib Khelil, said that the OPEC would probably do nothing to restrain rising oil prices, despite concerns that the high cost of energy would hurt the awaited economic recovery, Reuters reported.

At this stage, the Organization of the Petroleum Exporting Countries (OPEC) would have no impact on the prices, as the increase in oil prices is not led by the lack of supply, but it is really led by the economic recovery, the minister said.

Algeria is hosting a meeting of some of the world’s biggest gas exporters.
Earlier this week, Venezuela’s Oil Minister said that there is no need for a raise in OPEC’s output quota unless there was a robust demand. While, Kuwait’s Oil Minister said that the agency would only consider increasing output if oil went above $100 per barrel.

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