OPEC president: Despite ME tension, oil won’t become a weapon
OPEC’s president, Chakib Khelil, has sought to calm Western jitters, by stating that, even if the security situation in the Middle East deteriorates further, the cartel will not use oil as a weapon.
Speaking to BridgeNews on Wednesday, Khelil, who also serves as Algeria’s minister of energy and mines, added that that the OPEC member countries still considers the $25 per barrel benchmark as an attractive target price for crude oil. He agreed that some OPEC members contribute to market speculation by their frequent comments to the international media.
A day earlier, Hugo Chavez, the president of the OPEC member country of Venezuala, said that the OPEC members had already agreed to maintain the organization’s oil basket at $25 per barrel, and not a cent less.
At the end of the week, Chavez will leave on a a four-day trip to the Middle East, where he will visit the OPEC member states of Saudi Arabia and Qatar. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)