The Organization of Petroleum Exporting Countries sees no need to raise oil production to counter high oil prices, the Opec President said on Sunday.
"No," said Chakib Khelil, who is also Algeria's Energy and Mines Minister, when asked by reporters whether Opec should raise production.
"There is a balance between supply and demand," he said, speaking during a visit to Kuwait. He said a previous output increase had failed to bring prices down.
A falling dollar was a main factor behind the surge in oil prices. US crude hit a record high of $117 a barrel on Friday.
Khelil said Opec wanted an "appropriate" price suiting both consumers and producers, but declined to say what that price level would be.
He also said Opec had the ability to raise output by two million barrels per day, according to state-owned Kuwait state news agency Kuna. The agency did not elaborate. (Reuters)
Opec: no need to raise production