RPT Algerian energy minister dismisses oil output hike at OPEC meeting in March

ALGIERS (Thomson Financial) – Algerian Energy and Mines Minister Chakib Khelil, currently the president of OPEC, has dismissed chances of an announcement of an increase in oil production when the oil cartel has its next meeting on March 5 in Vienna.

“I can’t tell you what decision will be taken by OPEC conference, but it will take into account all aspects of the oil market, and what I can tell you is that it won’t be an increase in oil production,” Khelil told reporters in Algiers, in response to question on whether the organisation would decide either to raise or reduce oil output.



Among market determinants to be assessed were the likelihood of a recession in the US, high stocks in the US, and the International Energy Agency’s recent reduction in its forecast for 2008 world oil demand, Khelil said.

AFX