According to Algerian Energy Minister, Chakib Khelil, of the Organization of Petroleum Exporting Countries (OPEC), the price of a barrel of oil in the month of September will remain at approximately $25, reports AFP news agency on Sunday August 19.
Khelil, who presently holds the position of president of OPEC, predicts the price will remain stable at $25 and may even slightly rise due to the usual increase in demand of the United States during the winter months.
September crude futures ended the week 16 cents lower at $27.40 a barrel.
Starting in early September, OPEC’s production of oil will be reduced by a million barrels per day. Iraq is excluded from the above figure’s output production. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
