- Title: ALGERIA: Energy Minister Chakib Khelil sees no scope for OPEC to curb oil prices
- Date: 18th April 2010
- Summary: ORAN, ALGERIA (APRIL 17, 2010) (REUTERS) **FLASH PHOTOGRAPHY** VARIOUS OF CONVENTION CENTRE ALGERIAN MINISTER OF ENERGY CHAKIB KHALIL TALKING WITH COLLEAGUES VARIOUS OF NEWS CONFERENCE SOUNDBITE (English) CHAKIB KHALIL, ALGERIAN MINISTER OF ENERGY, SAYING: "Well at this stage, I think we have ample supply. The stocks are very high. There was some decrease in stocks and that what led to the increase in price recently. But also, I think what led the decrease in price is the economic recovery itself, you know the market was doing better and also the exchange rate for the dollar, the dollar weakened, so that help also the price going up. So under these circumstances, I don't see what role OPEC can do. Because like you remember in 2008 decisions were made that several times to increase supply and that did not have any effect on the price. So, I don't see really what OPEC can do to have any impact you know on the prices at this stage because the increase in prices is not led by, you know, the lack of supply. It's really led by the economic recovery, the market, and also, some of course you know the problem of the hedging and the future market and so forth, on the market." VARIOUS OF NEWS CONFERENCE VARIOUS OF CHAKIB KHALIL LEAVING THE CONFERENCE ROOM
- Embargoed: 3rd May 2010 13:00
- Keywords:
- Location: Algeria
- Country: Algeria
- Topics: Economic News,Energy
- Reuters ID: LVACMIWBK1KGVB7B4FO3GWIS4S25
- Story Text: Algerian Energy Minister Chakib Khelil said on Saturday (April 17) he believed OPEC could do nothing at this stage to restrain rising oil prices, despite concerns the high cost of energy could hurt the economic recovery.
"Well at this stage, I think we have ample supply. The stocks are very high. There was some decrease in stocks and that what led to the increase in price recently. But also, I think what led the decrease in price is the economic recovery itself, you know the market was doing better and also the exchange rate for the dollar, the dollar weakened, so that help also the price going up. So under these circumstances, I don't see what role OPEC can do," he said at a news conference in Oran.
Oil prices have nearly tripled from the lows near $30 a barrel seen at the end of 2008 to around $85 per barrel as investors eye signs of an economic recovery.
The International Energy Agency, which advises industrialised economies, warned on Friday that oil prices at $85 could endanger the fragile recovery by feeding into higher energy costs for businesses and consumers.
The Organization of the Petroleum Exporting Countries could in theory increase output quotas to try to cool prices but members have shown no sign of wanting to do that.
Venezuela's oil minister said this week he saw no need for an increase in output unless there was a robust strengthening of demand, and Kuwait's oil minister said OPEC would only consider raising output if oil went above $100 per barrel.
Algeria is hosting a meeting of the Gas Exporting Countries Forum -- whose 11 members account for about 70 percent of the world's gas reserves and are looking for ways to reverse a slump in gas prices. - Copyright Holder: REUTERS
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