OPEC cut decision proving ineffective: Khelil

ALGIERS (Reuters) – OPEC’s decision to cut output is proving ineffective against speculators, its president Chakib Khelil said on Saturday, adding its next gathering in December would hopefully take more “practical” steps.

“The current situation of the oil market is caused by speculators’ practices,” Algeria’s official APS news agency quoted him as saying. “OPEC’s decision to reduce output has proved to be ineffective against those speculators.”

He added: “We are not working against supply and demand, but against speculators.”

Reuters