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Oil Prices to Drop on Monday: OPEC
The Organization of Petroleum Exporting Countries (OPEC) said Saturday that oil prices will drop as from Monday after the United States announced the release of 30 million barrels from its strategic reserves.
"It is reported that the Texas crude has dropped 1.30 dollars per barrel and something similar is happening with the North Sea Brent," said OPEC chairman Ali Rodriguez, who is also Mines and Energy Minister of Venezuela.
Rodriguez, who will chair an OPEC summit from September 26 to 28, said that there is no problem of oil supply. He argued that OPEC is not responsible for the high oil prices, now reaching more than 37 dollars per barrel. Market speculation is to blame, he noted.
He said the prices will drop as from Monday after the U.S. announced Friday to release 30 million barrels of its reserves and the OPEC has decided to increase crude supply by 800,000 barrels
per day starting October 1.
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