Algeria Oil Minister Sees Further Summer Hike in Oil Prices

Robust global oil demand may mean a further hike in crude oil prices during the summer months, Algeria’s oil minister said Wednesday. “I am expecting prices to go even higher for the summer period and even for autumn, because world oil demand is growing and there is not enough refining capacity,” Chakib Khelil told Dow Jones Newswires.

Khelil also said there is nothing Organization of Petroleum Exporting Countries can do to cool current high oil prices. He said a lack of refining capacity in the U.S. is contributing to record prices. “OPEC is producing at maximum,” he said.
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