Algeria says OPEC output rise would not halt prices

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ALGIERS, Sept 29 (Reuters) – Any decision by OPEC to expand oil output further would fail to stop crude prices from climbing, the Algerian official news agency APS quoted Algeria’s energy minister as saying on Saturday.

“I think a further production rise would not stop oil prices from soaring because geopolitical problems still exist,” APS quoted Chakib Khelil as saying.


The Organization of the Petroleum Exporting Countries agreed on Sept. 11 to boost output by 500,000 barrels per day from Nov. 1 but oil prices have continued to rise.

APS quoted Khelil as blaming the high prices on factors such as shortages of refining capacity, speculation and storms which had halted production in some countries.

Reuters