MADRID, June 30 (Xinhua) -- The President of the
Organization of Petroleum Exporting Countries (OPEC) rejected a call on Monday
to set any price band control in face of relentless rise of world oil prices.
"Producing and consuming nations never agree on any
price. You remember we talked about 15 (U.S.) dollars and they were saying 13
dollars. We talked about 22 dollars and they were saying 18 dollars. Then we put
a price band of 22-30 dollars, but they never agreed with the price band," OPEC
President Chakib Khelil told reporters on the sidelines of the World Petroleum
Congress here.
Traders work at the New York Mercantile
Exchange in New York, the United States, June 27, 2008. (Xinhua
Photo) Photo
Gallery>>>
OPEC set a price band between 22 and 28 U.S. dollars
in March 2000, which was abandoned in January 2005 due to market conditions.
"Then we did away with the price band. Now they say
we need to come back to the price band, but we are never going to agree. Let the
oil market decide the price," Khelil said.
As oil prices kept rising, which hit a new record
high close to 144 U.S. dollars per barrel today, some countries, notably India,
had suggested a return to the price band control.
OPEC President Chakib Khelil answers
questions at the presidential palace in Algiers June 9, 2008.
(Xinhua/Reuters, File Photo) Photo Gallery>>>
Khelil, once again, stressed that the price hike had
nothing to do with supply, saying the market is fully supplied despite rising
demand.
"The demand is being met. We expect high demand in
summers, but stocks of 53 days are good enough. There is no lack of supply," he
said.
Instead, Khelil blamed the soaring oil prices on
speculation, which became especially active in the oil markets since there were
no better returns from other instruments due to the U.S. sub-prime crisis and
the weakening U.S. dollar.
Khelil warned that the oil prices could rise further
to a level as high as 170 U.S. dollars per barrel since demand is set to
increase in the summer.
"May be the price may go up to 150 U.S. dollars (per
barrel), may be to 170 U.S. dollars (per barrel) as summer driving demand rises.
But end of this year, we expect prices to come down," he said.
MADRID, June 30 (Xinhua) -- Market, economic and
political fundamentals are the primary forces behind the high and volatile oil
prices, rather than speculators or the weakness of the dollar, British Petroleum
(BP) said on Monday.
"Some people put the rises down to short-term factors
-- so-called speculators, or the weakness of the dollar," BP Chief Executive
Officer (CEO) Tony Hayward said at the launch of the company's Statistical
Review of the World Energy 2008. Full story
NEW YORK, June 28 (Xinhua) -- Oil prices broke the
140 U.S. dollars level for the first time this week, with August crude surging
near 143 dollars a barrel on both New York Mercantile Exchange (NYMEX) and ICE
Futures Exchange in London.
While oil has gained more than 40 percent this year,
more and more people now shift their focus onto the role of speculators in the
price hike. But is it all because of speculation? Full story
MADRID, June 30 (Xinhua) -- The chief executive of
the energy giant BP said on Monday that soaring oil prices are a result of an
inadequate supply rather than speculation.
"These prices are a signal that is telling us that
supply is not responding adequately to rising demand," Tony Hayward told
delegates at the 19th World Petroleum Congress (WPC) being held in Madrid.
BRUSSELS, June 24 (Xinhua) -- The European Union (EU)
and the Organization of the Petroleum Exporting Countries (OPEC) agreed on
Tuesday that secure future demand of oil is key to spurring oil investment to
guarantee supply.
The EU and OPEC "recognized the importance of secure
future demand for crude and products in spurring timely investment both upstream
and downstream, thus contributing to greater security of supply," said energy
officials from both sides in a joint statement after a meeting here. Full story
BRUSSELS, June 24 (Xinhua) -- World oil prices will
not come down and oil producers have done what they could to ensure supply, the
Organization of Petroleum Exporting Countries (OPEC) president said Tuesday.
"OPEC has already done what OPEC can do and prices
will not come down," OPEC president Chakib Khelil told reporters as he arrived
for a high-level dialogue with European Union (EU) officials in Brussels. Full story
BRUSSELS, June
24 (Xinhua) -- The European Union (EU) and the Organization of the Petroleum
Exporting Countries (OPEC) found little in common on responses to the soaring
oil prices at a meeting on Tuesday.
While the EU updated its call for the world's major oil
producing countries to raise output, OPEC leaders were actually saying there is
enough supply in the market, blaming a weak U.S. dollar, the U.S. sub-prime
crisis and speculative activities for the current price shock. Full story
