- UAE Central Bank Stands by Banks Amid Dubai Crisis
- UAE Markets Seen Limit Down on Monday Open
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- US Treasury Wants Banks to Do More to Ease Mortgages
- Tiger Woods Accepts Full Blame for Car Crash
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Fed Audit Would Hurt Economic Prospects: Bernanke
- Big US Banks May Be Forced to Raise Capital: Bove
- Portfolio Prep for Next Week: 'Don't Get Crazy'
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
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
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes