Khelil: Oil price levels 'satisfactory'

Chakib Khelil, Algeria's Energy and Mines minister, today claimed the current level of international oil prices was 'satisfactory,' as it reflected a high point on the price cycle and was 'unlikely to last,' according to the Organization of Petroleum Exporting Countries News Agency.


ALGIERS�Chakib Khelil, Algeria's Energy and Mines minister, today claimed the current level of international oil prices was "satisfactory," as it reflected a high point on the price cycle and was "unlikely to last," according to the Organization of Petroleum Exporting Countries News Agency.

Khelil, however, stressed that his country was "still looking to see prices stabilize around the $25/bbl" mark.

The minister was quoted by the Algiers daily Le Quotidien D'Oran as saying the current oil price volatility was explained by it being a "time of [fuel] restocking for winter in the United States," and he looked forward to the organization's Sept. 10 meeting in Vienna to examine the oil market situation.

According to Khelil, that OPEC's basket of crudes pricing/production mechanism was functioning could be seen from the fact that "so far the markets had not witnessed a significant rise in production." He called for continued "cohesion and discipline" from OPEC member states�a "solidarity" he feels should be renewed by the second summit of OPEC heads of state being held in Caracas next month.

More in Home