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OPEC president says not to raise oil output
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09:00, July 30, 2008

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The Organization of Petroleum Exporting Countries (OPEC) President Chakib Khelil said Tuesday the oil cartel will not increase its oil output even in the next winter.

Speaking to the press after presenting his paper before Indonesian energy stakeholders, he said OPEC is currently having an overproduction.

"We are still waiting for what the next winter will be like. But we feel it is unnecessary to increase supplies," Antara news agency quoted Khelil as saying.

Khelil said he did not agree with the saying that the cartel raised production merely because global crude prices soared.

In fact, global crude prices fell to 125 U.S. dollars per barrel now from 140 U.S. dollars per barrel previously, he said.

Khelil said the trend in global crude price hikes in the first half of 2008 was the same as the first semester last year.

The US dollar's exchange rate also influenced global crude prices, he said.

Source: Xinhua

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