Algeria Oil Minister Sees Enough Oil in Market

High oil prices aren’t due to any lack of supply and owe more to political and consumption issues beyond producers’ control, Algerian Oil Minister Chakib Khelil said Tuesday. “I doubt adding any more oil in the market is going to help,” he told reporters on the sidelines of a meeting of the U.S.-Algeria Business Council Forum.

Khelil said he plans to meet and “exchange views” with Energy Secretary Samuel Bodman next week before wrapping up his trip to Washington. “It’s not needed,” Khelil said of more supply, noting that the Organization of Petroleum Exporting Countries will be meeting in Caracas on June 1. “Tension around the world is the main actor on the prices.”

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