Oil prices won’t come down: OPEC president

OPEC president Chakib Khelil rebuffed on Tuesday calls from oil consuming countries to increase supply, saying that the cartel had already done what it could on high prices.

“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.
French Energy Minister Jean-Louis Borloo, whose country takes on the European Union’s rotating presidency in July, stressed that high oil prices were a concern for consumers and producers alike.

“There’s not the producers on one side and consumers on the other,” he said. “We’ve entered a period where we really have to agree on a global energy pact because our interests are clearly linked.”

“We’ve got to decrease our energy needs. Producer countries have to participate, there needs to be clarity and transparency about needs and supply,” he told journalists.

AFP