/ 1 June 2008

Opec: No output talks before September

Organisation of the Petroleum Exporting Countries (Opec) president Chakib Khelil reiterated on Saturday that Opec would not make a decision on output policy before its next scheduled meeting in September, and said oil-market fundamentals were not responsible for high oil prices.

Opec ”will not take any decision on its production before its September meeting”, Khelil, who is also Algerian Energy and Mines Minister, was quoted by Algerian state news agency APS as saying.

Asked about current oil prices, he replied: ”These prices do not reflect the market fundamentals but they are due to other factors linked to speculation, subprime crisis and the depreciation of dollar.” — Reuters