Khelil Says OPEC Won’t Boost Output Amid Record Oil

(Bloomberg) — OPEC won’t consider increasing crude output before September, even amid investor concern that record oil prices may cause a global economic recession, according to the group’s president, Chakib Khelil.

“OPEC will not increase crude oil output,” Khelil, who is also the oil minister of Algeria, said in an interview today in Algiers. “Supply is more than sufficient in the international market. Prices are not the consequence of demand and supply, they are the consequence of speculation.”


The Organization of Petroleum Exporting Countries, which controls more than 40 percent of the world’s crude supply, doesn’t meet again until Sept. 9 to review its production ceiling. Khelil said there was no plan to meet before then.

Bloomberg