- Oil Next Week: What Traders Will Be Watching
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- Cities With the Most Home Price Reductions
- White House Plans to Freeze Spending to Cut Deficit
- This Year's Biggest Thanksgiving Leftover: Cash
- Oil Next Week: What Traders Will Be Watching
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
- Fed Reform? Not So Fast.
MOST SHARED
- Driving Health Care Innovation
- Downturn is Prime Time for Airport Infrastructure Projects
- Seeking Innovation in Health Care
- Cramer: 5 Earnings Reports to Watch Next Week
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Next Week’s Top IPO
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Gold Rises, Nears Record High as Dollar Drops
- Web Extra: Where Will The Next Bull Come From?
Text Size 
The Organization of Petroleum Exporting Countries sees no need to raise oil production to counter high oil prices, the OPEC President said on Sunday.
"No," said Chakib Khelil, who is also Algeria's Energy and Mines Minister, when asked by reporters whether OPEC would raise production. "I don't think that any increase in production will have an impact on prices.
 |
There is a balance between supply and demand," he said, speaking during a visit to Kuwait. "Even if we raised the production we may not find a buyer," Khelil said.
He added a previous output increase had failed to bring prices down.
"We raised output last year and there was an increase in prices not decrease." A falling dollar was a main factor behind the surge in oil prices, he said.
"The decline in the dollar is having a direct impact on oil prices ... When the dollar is declining by 1 percent, the oil prices will increase by about 4 dollars," Khelil said.
U.S. crude hit a record high of $117 a barrel on Friday.
Khelil said OPEC wanted an "appropriate" price, suiting both consumers and producers, but declined to say what that price level would be. "What is appropriate for buyers and sellers," he only said.
He also said OPEC had the ability to raise output by 2 million barrels per day, according to Kuwaiti state news agency KUNA.
The majority of such an output increase could come from major oil-exporters such as Saudi Arabia, Algeria, Libya, Venezuela and Nigeria, KUNA quoted him as saying.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes