Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

IN THE PAPERS

Cécile Duflot ruffles some feathers

Read more

MEDIAWATCH

Media accused of pro-protester bias in Ferguson

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment

Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Hamas publicly executes "informers"

    Read more

  • Russian aid convoy reaches Ukraine’s rebel-held Luhansk

    Read more

  • Gunmen kill scores in Iraqi Sunni mosque attack

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Turkish Foreign Minister Davutoglu set to be Erdogan's new PM

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • US reaches historic $16.7bn settlement with Bank of America

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • France delivered arms to Syrian rebels, Hollande confirms

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

OPEC: 'Oil prices won't come down'

Latest update : 2008-06-24

On the eve of the EU-OPEC summit in Brussels, the petrol producers' organisation president Chakib Khelil announced that the oil prices "will not come down" and the OPEC's secretary general says the supply is sufficient.

Oil prices "will not come down," OPEC president Chakib Khelil said Tuesday, assuring that the oil cartel has already done what it can on the matter.
  
"OPEC has already done what OPEC can do and prices will not come down," Khelil told journalists as he arrived for a meeting with EU energy officials in Brussels.
  
Ahead of a summit between producers and consumers in Jeddah last weekend, OPEC heavyweight Saudi Arabia promised on Thursday to lift its oil production by 200,000 barrels per day.
  
However, Saudi Arabia's increased output, to counter the fears of inflation-hit consumers, exposed divisions within OPEC at the summit with Khelil opposed to a production hike.
  
In the face of calls from consumer countries for an oil output hike, OPEC secretary general Abdullah al-Badri insisted that supply was currently sufficient.
  
"There is no shortage, the market is full of oil," he assured, blaming "other factors" for the high price of crude, including refinery problems and hedge funds piling into the market.
  
EU Energy Commissioner Andris Piebalgs urged OPEC to do away with the grouping's production ceiling in order to provide relief to the market.
  
"In my opinion, there is no reason to keep ceilings on production," he told journalists.
  
"If there are no ceilings, markets will adapt much faster," he added. "In this respect we could expect prices to go down, not going up as the tendency has been till now."
  

Date created : 2008-06-24

COMMENT(S)