Extra Saudi oil may not satisfy demand: Algeria
Reuters
Santiago: The only Opec country that may have spare oil production capacity is Saudi Arabia, but even that nation may not be able to satisfy demand, Algerian Energy and Mines Minister Chakib Khelil said.
"Even Saudi Arabia may not have what the market needs," Khelil told Reuters after he met with Chilean President Ricardo Lagos.
Khelil also said Opec producers, who are due to meet in September, should maintain a $22-$28 per barrel price target range, even though oil prices have risen to more than $44 per barrel, until they see a fundamental change in market conditions.
"Just a matter of shifting the price range is not going to help the market. I don't see any change of fundamentals in the structure of the market to justify an increase of the range," he said.
"I think we're going to see high prices as long as the demand stays high and as long as the economic growth in China is going to be high, we're going to see high prices," he said.
Khelil said Algeria is producing much more oil than its official Opec quota, as are other members of Opec.
"Most of the Opec members are producing more than the quota, for those at least who can," Khelil said.
"The quota is not an issue because we have been producing much more than our quotas, those who can, for a long long time," he said.
Quelle: oil.com
