OPEC not responsible for current high oil prices:Algeria's Khelil

OPEC not responsible for current high oil prices:Algeria's Khelil

New York (Platts)--27Apr2005


OPEC does not believe that current near-record high oil prices have stunted
world economic growth, Algerian Oil Minister Chakib Khelil said Wednesday. Nor
is OPEC responsible for the current level of oil prices, Khelil told an energy
forum in New York. "We have very strong demand in the market," he said, citing
economic growth in the US and China in particular. "At the same time, we don't
see the oil price impacting the growth." 

Besides strong economic demand, Khelil cited geopolitical concerns and market
speculation as reasons for high oil prices. "OPEC is not the reason for higher
prices," he said. Khelil noted there is very little spare production capacity
among OPEC members at the moment, putting the figure at between 1-mil/d to
2-mil b/d.

This story was originally published in Platts Global Alert
http://www.globalalert.platts.com

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