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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)