Business | Oil & Gas
Opec president says no need to raise oil production
Opec members see no need to raise oil production to counter rising prices, the Opec President said on Sunday.
- Agencies
- Published: 16:16 April 20, 2008
Kuwait City: Opec members see no need to raise oil production to counter rising prices, the Opec President said on Sunday.
Opec President Chakib Khelil, who is also Algeria's Energy and Mines Minister when questioned on Opec's production plans said: "I don't think that any increase in production will have an impact on prices. There is a balance between supply and demand."
"Even if we raised the production we may not find a buyer," Khelil added.
He referred to a an increase in output last year that failed to reduce prices, and added that the falling dollar was a main factor behind the surge in oil prices.
US crude hit a record high of $117 a barrel on Friday.
Kuwaiti state news agency KUNA reported Khelil saying Opec had the ability to raise output by 2 million barrels per day.
Opec wanted an "appropriate" price, which would suit both consumers and producers, Khelil said, but did not reveal the price level.
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