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)
