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Chakib Khelil Says OPEC Won't Raise Production

05-21-2008

Chakib Khelil, Algerian Minister of Energy and current OPEC president told reporters that his organization will not increase production before its next meeting in September.

"Current prices aren't linked to the law of supply and demand," he added. During his brief moment with reporters, he has blamed the price speculators and the fall of value for the dollar for the current price hike.   

Saudi Arabia, the world's leading oil producer, promised an additional 300,000 barrels of crude a day as U.S. President George W. Bush wrapped up a meeting Friday with King Abdullah.

But that, and the U.S. move to temporarily stop filling government stockpiles, have done little to change overall sentiment in the market. The crude production from Nigeria was down by 250,000 barrels a day in April from the previous month