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Chakib Khelil Takes Over OPEC Presidency

09-17-2007

Algeria's Oil Minister Chakib Khelil has been elected as new President of the Organization of Petroleum Exporting Countries (OPEC).

An official close to the Algerian Oil Minister told reporters that Khelil has been voted in as new President of OPEC during the ministerial meeting of the cartel held in Vienna.

The OPEC meeting  is headed by its current President Mohammad Al Hamli from the United Arab Emirates.

Khalil is against increasing the cartel output, despite the near-record high oil prices.

Ahead the meeting, the Algerian minister proposed reassessment of the oil market at the November and December meetings, adding that it is too early to decide whether oil demand would increase.