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Brussels, June 24: : OPEC President Chakib Khelil reiterated on Tuesday that there was no shortage of oil available on markets and the recent record prices of petroleum were due to other factors.
"Our view from a producers' point of view ... is that as far as fundamentals are concerned I think we have equilibrium between supply and demand," Khelil said. "In fact right now we have more supply than demand."
Factors behind the surge in oil prices included the slump in the value of the US dollar in the wake of the subprime crisis and an influx of funds seeking new areas for investment, he said after a meeting with European Union officials.
Asked about the outlook for oil prices, Khelil said he believed markets were watching for how the dollar performed in July and the situation involving Iran, which is in a stand-off with the United States over its nuclear programme.
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