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OPEC President says Oil Market Well Supplied - ASHARQ AL-AWSAT English Archive
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ALGIERS (Reuters) – Oil markets are well supplied and high prices are the result of speculation, a weak dollar and geopolitical problems, OPEC President Chakib Khelil said on Monday.

“As for OPEC, indications shows that there is no shortage (of supply)” he told a public forum on energy organized by government newspaper El Moudjahid.

“The market is well supplied and stocks are adequate. OPEC has a spare capacity that would allow it to meet additional demand.”

“OPEC, as a player, contributes to stabilizing the market.”

The Organization of the Petroleum Exporting Countries (OPEC) produces more than a third of the world’s oil. Its most influential member Saudi Arabia said on Friday it had boosted output by 300,000 barrels per day.

U.S. President George W. Bush said on Saturday he was pleased with the Saudi move but that it was inadequate to solve problems in the world’s largest energy consumer.

Oil traded at more than $126 a barrel on Monday after jumping to a record high near $128 last week.

OPEC is next due to meet in September to decide on output policy.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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