ALGIERS - OPEC President Chakib Khelil reiterated that OPEC would not meet to discuss the oil market until its next scheduled gathering in September, the website of the Libyan National Oil Corporation (NOC) reported on Monday.
NOC quoted Khelil as saying on a visit to Tripoli on Sunday: "There is a balance between demand and supply and there is no shortage currently in the oil market. The organization (OPEC) is currently studying the factors that affect the market and how to deal with them."
The website added: "He (Khelil) said OPEC would not hold any meeting to discuss the market situation and its stability before September."
"The organization will take the right decision at the meeting," the website quoted him as saying.
Khelil, who is also Algerian Energy and Mines Minister, first declared OPEC would not meet over the summer on May 19, adding at the time that OPEC would be unlikely to increase its output even when it does eventually meet in September.
Oil prices were then around $127 a barrel. They have since hit a record high of around $135.
The NOC website report added: "The market was affected by political and economic factors and internal problems in some countries, he (Khelil) said. He blamed high prices on speculation, political tensions, weakening dollar and output decrease by non-OPEC oil producers."
NOC quoted Khelil as saying on a visit to Tripoli on Sunday: "There is a balance between demand and supply and there is no shortage currently in the oil market. The organization (OPEC) is currently studying the factors that affect the market and how to deal with them."
The website added: "He (Khelil) said OPEC would not hold any meeting to discuss the market situation and its stability before September."
"The organization will take the right decision at the meeting," the website quoted him as saying.
Khelil, who is also Algerian Energy and Mines Minister, first declared OPEC would not meet over the summer on May 19, adding at the time that OPEC would be unlikely to increase its output even when it does eventually meet in September.
Oil prices were then around $127 a barrel. They have since hit a record high of around $135.
The NOC website report added: "The market was affected by political and economic factors and internal problems in some countries, he (Khelil) said. He blamed high prices on speculation, political tensions, weakening dollar and output decrease by non-OPEC oil producers."
