Oil prices are likely to rise further largely due to a weak dollar and geopolitics, Chakib Khelil...
Oil prices are likely to rise further largely due to a weak dollar and geopolitics, Chakib Khelil, president of the Organization of the Petroleum Exporting Countries (OPEC), said Sunday.
The Algerian minister of energy and mines also highlighted the geopolitical impact on oil prices, noting the current crisis between Iran and the West over its nuclear program as well as the previous sanctions on Libya.
The minister denied accusations by some western countries that insufficient supply by the oil producing countries are causing the soaring prices.
Khelil said last week that the Vienna-based cartel would increase its output to 52 percent of the global oil supply by 2010from the current 40 percent.
How to curb the soaring oil prices tops the agenda of the summit of the Group of Eight (G8) industrialized countries which will kick off in the northern Japanese resort of Toyako on Monday.
Crude oil futures hit a record high above 145 U.S. dollars a barrel in New York on Thursday.
