Can't Blame OPEC

According to Algeria's Energy and Mines Minister, Dr Chakib Khelil, the current rise in oil prices is not due to a lack of supply in the market.

Speaking to the media on the sidelines of a conference on the promotion of Liquefied Petroleum Gas (LPG) exports, Khelil noted that the higher oil prices were being caused by political tensions in Venezuela and Iraq, and also by weakness in gasoline stocks in the United States.

"If we discover that oil prices are higher because of a shortage in supply, then we would take the right decision," pointed out Khelil, adding that if the increase was due to geopolitical tensions, speculation, or a weakness in gasoline stocks, this was beyond OPEC's control.

He stressed that the Organization only influenced one factor among five or six others that determined prices.