OPEC strives to maintain stability of oil markets
The president of the Organization of Petroleum Exporting Countries (OPEC) said that the organization is striving to maintain stability and sustainable development of international oil markets.
Chakib Khelil, who is also Algeria's energy and mining minister, said OPEC has mapped out medium- and long-term strategies and made huge investment plans to increase oil exploration and production, according to the Algerian Press Service.
Khelil said OPEC members have considerable potential production capacity, which, if fully tapped, can satisfy the increasing oil demands and lessen the possible shortage of crude oil on the international markets.
Speaking of the current oil prices hikes, he said the international crude oil markets have enough supplies, and OPEC should not be blamed for the high prices.
He said the rocketing of oil prices was mainly triggered by speculation on the markets and pessimism toward the world's future crude oil production capacity. (Xinhua)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.