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Oil prices to hit another record in forthcoming months
26 Jun '08
1 min read
Mr Chakib Kheilil, Algerian Energy Minister and President of OPEC has predicted that crude oil prices would rise to $150-170 a barrel during the northern hemisphere summer.
Representing OPEC, Mr Kheilil, after a meeting with countries of the European Union, said that OPEC is pumping enough oil to meet the current demand and has stocks and even extra capacity to spare.
However, prices in the coming few weeks would largely depend on how US deals with Iran and the strength of US dollar.
The 13 OPEC members including Algeria, Angola, Ecuador, Iran, Iraq, Libya, Nigeria, Saudi Arabia, Venezuela, Kuwait, Qatar and the United Arab Emirates control about 40 percent of the world's production. Interestingly, despite a surge in the prices of oil and a robust global demand, they have refused to enhance production.
However, Saudi Arabia, the largest oil producer among all has decided to produce an additional of 200,000 barrels per day in July to the existing 300,000 barrels per day announced in May. This will raise its total output to 9.7 million barrels.
Representing OPEC, Mr Kheilil, after a meeting with countries of the European Union, said that OPEC is pumping enough oil to meet the current demand and has stocks and even extra capacity to spare.
However, prices in the coming few weeks would largely depend on how US deals with Iran and the strength of US dollar.
The 13 OPEC members including Algeria, Angola, Ecuador, Iran, Iraq, Libya, Nigeria, Saudi Arabia, Venezuela, Kuwait, Qatar and the United Arab Emirates control about 40 percent of the world's production. Interestingly, despite a surge in the prices of oil and a robust global demand, they have refused to enhance production.
However, Saudi Arabia, the largest oil producer among all has decided to produce an additional of 200,000 barrels per day in July to the existing 300,000 barrels per day announced in May. This will raise its total output to 9.7 million barrels.
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