No oil shortage in markets: OPEC chief

Reuters
Posted: 2008-06-24 15:41:49+05:30 IST
Updated: Jun 24, 2008 at 1541 hrs IST

Font Size

Feedback

Discuss

Oil at a 3-yr low at USD 50 per barrel Oil falls below USD 53 per barrel Oil falls towards USD 53 per barrel Oil rebounds to near USD 56 per barrel

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.

Post Comments

Comments: (Limit 3,000 characters)

Name		Message
Email ID
Subject

TERMS OF USE:
The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).

I agree to the terms of use.

Latest News

Print Edition

Events

No oil shortage in markets: OPEC chief

Post Comments