The Organization of Petroleum Producing Countries (OPEC) will not increase production levels unless there is a "demand or expressed need," Algeria's Minister of Energy, Chakib Khelil, said Saturday.
"We are waiting for the impact of the increase which was recently agreed on to see if it's necessary to proceed with further increases," Khelil told a press conference before a meeting of OPEC representatives in the Algerian capital.
Last month, OPEC members agreed to a modest production hike of 708,000 barrels per day and to pump more oil into the market if the average price of crude remained above 28 dollars a barrel for 20 working days.
The accord went into effect July 1st – ALGIERS (AFP)
© 2000 Al Bawaba (www.albawaba.com )