[OPEC] Organization of Petroleum Exporting Countries to Ensure Adequate Crude Oil Supply, Chakib Khelil Says

Organization of Petroleum Exporting Countries (OPEC)´s President Chakib Khelil said the producer group wants to ensure adequate oil supply to consumers and there isn't any need to cut production.

``We are not worried with any price because we don't decide the price,'' he told reporters in Jakarta today. ``We just meet the demand.''

Oil has fallen 15 percent in New York from a record $147.27 a barrel reached on July 11, on concern high oil and fuel prices will slow demand growth. Still, prices are up 63 percent from a year earlier, as a weaker dollar prompted investors to switch to commodities as a hedge against inflation.

The Organization of Petroleum Exporting Countries will meet in Vienna on Sept. 9. The group left production unchanged at its past three meetings in December, February and March.

``If the dollar continues to strengthen and political situation improves, the long-term price will be about $70 to $80,'' he said. ``Prices today are abnormal at $123.'' Crude oil for September delivery rose as much as 86 cents or 0.7 percent, to $125.59 a barrel on the New York Mercantile Exchange today.

Source: Bloomberg|By Leony Aurora

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