OPEC will not boost oil production before the ministerial conference held in September, revealed Chakib Khelil recently, OPEC CiO and minister of Energy and Mines Ministry in Algeria.
He reiterated at the local interview on 26th that with adequate oil supply in the international market, high oil price is not caused by short supply, but the result of market speculation.
On March 5, the decision was made that crude oil output keeps unchanged at the ministerial conference for OPEC in Vienna, the capital of Austria.
According to Bloomberg news agency, the average daily crude output for OPEC in March is estimated to be about 32.3 million barrels. In a recent interview by Kuwait News Agency, Chakib Khelil also showed that OPEC had the capacity to increase the current daily crude output by 2 million barrels, most of which would be from Saudi Arabia, and Algeria, Libya, Venezuela and Nigeria also had the potential to increase production.
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