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HIGH Oil Prices.

limkt009
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20-May-2008 21:26

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Crude-oil futures broke to new highs early Tuesday amid worries that increased production by Saudia Arabia won't be enough to appease demand. The June crude contract, which expires at the end of trading today, rose $1.28 at $128.33 a barrel on the New York Mercantile Exchange, after hitting a new high of $128.41 earlier on. July crude futures edged up $1.23 at $127.95 a barrel on Nymex.

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Livermore
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20-May-2008 18:22

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Increase in oil output is unlikely to have much impact on oil price coming down much

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pikachu
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20-May-2008 18:10

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Good article.

Who's to blame for $4 gas

Prices have surged over the past four years - and there's a bunch of reasons why.

NEW YORK (CNNMoney.com) -- It's hard to imagine now, but in 1999 gasoline sold for 90 cents a gallon. How'd we get from there to $4 a gallon?

There is no short answer - many things happened, and together they formed a chain of events from cheap gas to $100 tankfuls.

2004: Demand pressure

One of the most common reasons cited for the price jump is supply and demand - we are using more oil, which accounts for 70% of the price of gas, and finding less of it.

Why we are finding less oil and using more of it is partly a result of the low prices during the 1990s. Those low prices - partly caused by low gas taxes in the U.S. compared to other developed nations - both encouraged rapid consumption domestically (think SUVs) and underinvestment in new production by the world's oil companies.

By the time 2004 rolled around - and developing economies around the globe roared to life - the world was left in a pinch.

"Our demand has skyrocketed, but our ability to supply that demand has stagnated," said Stephen Schork, publisher of the industry newsletter The Schork Report. Gasoline prices topped $2 a gallon for the first time ever in May of 2004, "and we've been off to the races since then," said Schork.

As demand grew and the supply of oil remained relatively flat, the difference between the amount of oil the world could produce and the amount it consumed narrowed. That meant a supply disruption from one place in the world could not be easily covered with spare oil from another part.

2005: The storm

This was illustrated in September 2005, when Hurricane Katrina knocked out a significant chunk of U.S. refining and gasoline prices spiked above $3 a gallon for the first time ever.

"It exposed how little surplus refining capacity we have in the U.S.," said James Crandell, an energy analyst at Lehman Brothers.

A new refinery hasn't been built in the United States in three decades, although capacity at existing refineries has been expanded.

2006: Hot tempers

The lack of spare supply has kept other geopolitical events in the forefront for the last few years. Iran and the spat over its nuclear program dominated the news in early 2006, and combined with Israel's invasion of Lebanon in the summer of that year to cause another spike in gas prices to over $3 a gallon.

Geopolitical events need not be shooting wars to attract attention. Analysts say general resource nationalism since 2004 is partly responsible for high oil prices.

In the past few years, Iran's Mahmoud Ahmadinejad, Russia's Vladimir Putin and Venezuela's Hugo Chavez have all become more bellicose on the world stage - in some cases, seeking a bigger share of the profit from foreign oil firms or threatening to cut off oil supplies if attacked.

Some say the Bush administration's provocation of Iran and Venezuela, coupled with a botched occupation of oil-exporting Iraq, has contributed to the geopolitical tension. But defenders say that, in the long run, the administration's actions will eventually lead to a more democratic - and thus stable - global supply.

2007: Tight supplies

New supplies of oil from non-OPEC countries were supposed to come online in 2007 and ease some of these supply bottlenecks. But problems in Kazakhstan and Russia - as well as sweeping drilling bans in the United States - mean global consumption is growing twice as fast as non-OPEC production.

Analysts say OPEC, which hold two-thirds of the world's oil reserves but sees a global economy humming along despite $130 oil, has little incentive to increase production.

2008: Speculators swarm

Strong demand, tight supplies and a volatile marketplace have attracted the interest of investors - the last main contributor to high prices.

"The speculator has seized upon this opportunity," said Schork. "They have recognized there is something fundamentally flawed in this market."

Since 2003, the number of oil contracts exchanged on the NYMEX has more than doubled, said Schork.

Money flowing into oil - and commodities in general - has been especially sharp over the last 6 months as investors look for good returns amid falling stock prices and an inflation hedge against a falling dollar.

That's helped push oil prices to nearly $130 a barrel and gasoline to an average of nearly $3.80 a gallon - smashing previous records even when adjusting for inflation.

Whether this investor influx into the oil market is justified is matter of debate. Some see high oil prices as necessary to boost supply and limit demand.

"You can't just point the finger at speculators," Michael Haigh, head of U.S. commodities research at the investment bank Société Générale, recently told CNNMoney.com "Fundamentally, the markets are where they are supposed to be."

Others are less certain.

"The fundamental picture to us doesn't justify the price," said Lehman's Crandell. "It's kind of suggestive of a bubble."

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limkt009
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20-May-2008 10:25

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Bad for SIA, NOL.....

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AK_Francis
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20-May-2008 10:21

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No good for transportation stock leh.

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mirage
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20-May-2008 09:16

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Bloomberg News.

Oil Trades Above $127 on Skepticism Saudi Move Will Cut Prices

By Mark Shenk

May 20 (Bloomberg) -- Crude oil was little changed amid skepticism that Saudi Arabia's decision to increase output by 300,000 barrels a day will be sufficient to reduce prices.

Saudi Arabia will boost production by about 3.3 percent to 9.45 million barrels a day in June, Oil Minister Ali al-Naimi said in Riyadh on May 16. The gain won't subdue prices because they have been driven higher by the weak U.S. dollar and not supply, OPEC President Chakib Khelil said yesterday.

``OPEC seems pretty happy with production where it is,'' said Tom Bentz, a broker at BNP Paribas in New York. ``The Saudi announcement of a 300,000 barrel-a-day production gain is not enough to send prices lower, it's not a huge amount.''

Crude oil for June delivery rose 20 cents to $127.25 a barrel at 8:25 a.m. in Sydney in after-hours trading on the New York Mercantile Exchange. Yesterday, the contract rose 76 cents, or 0.6 percent, to $127.05 a barrel, a record close. Prices are 92 percent higher than a year ago. Crude touched $127.82 on May 16, the highest price since trading began in 1983.

The Saudi announcement followed a meeting between President George W. Bush and King Abdullah. The desert kingdom is the world's largest oil exporter and the most influential member of the Organization of Petroleum Exporting Countries.

Khelil said the output increase represented a ``sovereign decision'' on the part of Saudi Arabia, rather than an agreement that had the backing of OPEC. Khelil spoke in an interview in Algiers where he is attending a conference.

OPEC Meeting

``OPEC could increase production at the Sept. 9 meeting if there is need in the market,'' Khelil said. ``Non-OPEC countries did not reach their expected production.''

Members of OPEC, who pump more than 40 percent of the world's oil, have kept production targets unchanged at the group's past three meetings, on March 5, Feb. 1 and Dec. 5.

The U.S. Energy Department last week said it won't proceed with plans to increase deliveries of oil to the Strategic Petroleum Reserve. The department is currently filling the reserve at a rate of about 68,000 barrels a day.

``Some people thought the Saudi announcement that they were increasing output and the Energy Department saying that deliveries to the SPR will end might be enough to calm the market,'' said Eric Wittenauer, an energy analyst at Wachovia Securities in St. Louis. ``It doesn't look like that's the case.''

Brent oil for July settlement rose 7 cents to close at a record $125.06 a barrel on London's ICE Futures Europe exchange yesterday. The contract touched a $126.34 on May 16, an intraday high.

A Norwegian airport strike threatens to cut access to North Sea oil platforms. Unions shut six airports, including Bergen and Kristiansund, the two biggest bases for helicopter transport to and from oil platforms on the Norwegian continental shelf. The strike may extend today to Stavanger's Sola airport amid a labor dispute with Avinor AS, which operates 46 airports.

ConocoPhillips said it may have to cut output from the Ekofisk field if a strike spreads to Stavanger. Ekofisk pumps about 400,000 barrels of oil a day.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net. Last Updated: May 19, 2008 18:40 EDT

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AK_Francis
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09-May-2008 01:09

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So, buy, sell or keep, what level? Now EU are on red. DJ gain 53. So what nw?

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cyjjerry85
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09-May-2008 00:06

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after the recent oil record scares...i found this article on CNN Money that paints the bright side of high oil prices...surprisingly...anyway as a motorist myself...its really sianz to see petrol prices starting with $2+...but bobianz still have to pay

(the article is too long...so only cut and paste a few points)

Why $120 oil is good

Speculators are often blamed for artificially inflating crude prices, but some experts say high prices are needed to cut demand and develop new resources.

NEW YORK (CNNMoney.com) -- With $120 oil not seeming to follow the fundamental law of supply and demand many are wondering if the market is broken.

The Federal Reserve has been cutting interest rates, saving Wall Street but sinking the dollar and driving up food and fuel prices. Investors, also called "speculators" by some, have been pouring money into commodities of all sorts, artificially driving prices higher in an attempt to squeak out healthy profits in the face of falling stock values.

But to many, all the financial voodoo is merely a distraction. The fundamental reality of oil - and the thing that makes it so attractive to investors in the first place - is that we are using ever more and finding ever less. High prices are necessary if we are to reduce demand, find new oil, and develop alternative technologies.

The problem, he says, is new discoveries of crude in non-OPEC areas like the U.S., the North Sea, and Russia have not kept pace with the oil being removed from those places. OPEC, which holds two thirds of the world's crude oil reserves, has seen no drop in global demand despite $120 oil and has little incentive to increase output.

It's become popular to blame speculators - which would include mutual funds, pension funds, some banks, and anyone else who doesn't ultimately take delivery of a barrel of oil - for the run up in price. Congressman have recently spoken of an "orgy of speculation" in the commodities markets, and have held hearings into the matter.

But most analysts say investors are simply looking at these underlying supply and demand trends and buying oil because they see it going up on its own accord.

After all, they can't really be influencing the price of crude, the argument goes, as they generally don't take delivery of the oil and must sell whatever contracts they have at the end of each month. Ultimately, they don't take any oil off the market.

Which is one reason why $120 oil is necessary - to limit demand in a supply-constrained world.

"I think the market is working," said Joseph Stanislaw, an independent energy adviser at the consulting firm Deloitte & Touche. "It forces us to make decisions as induvidual consumers that will change our behavior. It needs to be done."

"I think the market is totally insane," said Fadel Gheit, a senior energy analyst at the investment firm Oppenheimer. "Somebody is playing a game, and we're all paying for it."

Gheit said demand has fallen in developed countries, and there is plenty of energy supply -mostly in the form of natural gas - available right here in the U.S., if only the oil companies had access to it.

Some analysts and politicians have called for increasing the nations oil production by drilling in areas that are currently off limits - like the Arctic National Wildlife Refuge, sections of the Rocky Mountains and off the east and west coasts.

"If we opened access to gas in this country, we wouldn't need oil in five years," he said.

The "market-is-working" types agree that the discovery of oil as an investment class is probably driving up prices somewhat - perhaps by as much as $30 a barrel - although they maintain the long-term price trend would be little changed absent these speculators.

And Gheit agrees that higher prices do provide much-needed incentive to limit demand.

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AK_Francis
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22-Apr-2008 09:27

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That will hinder the business of transportation leow. Oil and fair kee loh.

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mirage
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22-Apr-2008 08:47

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Oil prices shoot to record peaks above US$117

NEW YORK - OIL hit fresh record highs Monday amid reports of pipeline sabotage in Nigeria and as the US dollar remained weakened, traders said.

Market participants said Opec's stance not to increase its output against rising prices was also stoking values higher.

New York's main oil futures contract, light sweet crude for delivery in May, struck a new peak in intraday trading of US$117.76 (S$160.39) before closing at US$117.48, which marked a record closing high.

The contract has jumped 79 US cents compared with Friday's closing level.

In London, Brent North Sea crude for June delivery settled up 51 US cents at an all-time settlement high of US$114.43 after hitting an intra day record summit of US$114.86.

Sucden analyst Nimit Khamar said the market was 'supported by geopolitical concerns surrounding Nigeria and comments from Opec, who over the weekend once again reiterated their reluctance to increase production.'

The latest record-breaking run smashed previous highs set on Friday as news emerged of another apparent pipeline attack in Africa's biggest oil producer Nigeria.

The most prominent militant group in Nigeria's southern oil-producing region said it had sabotaged two pipelines, possibly belonging to Anglo-Dutch oil giant Shell and US rival Chevron.

An email sent to xxx early on Monday said that 'Commandos from the Movement for the Emancipation of the Niger Delta (Mend) in continuation of Operation Cyclone attacked two major oil pipelines in Rivers state of Nigeria.

'The pipelines may belong to Shell and Chevron,' the message added.

It described Operation Cyclone as 'the crippling of the Nigerian oil export industry.' Anglo-Dutch oil giant Shell said it may not be able to honour contracts for April and May in the wake of Mend's statement.

'We can confirm that force majeure will be declared on Bonny Terminal liftings for April and May 2008,' a company official said.

Shell spokesman Tony Okonedo said he could 'confirm two new attacks on the Soku-Buguma and Buguma-Alakiri pipelines,' adding: 'We are assessing the damage to these facilities.' Shell, Nigeria's largest oil operator accounting for around half of the country's 2.1 million barrels per day output, has seen a wave of attacks on its facilities in recent months.

Opec president and Algerian Oil Minister Chakib Khelil said over the weekend that there was no need for an immediate hike in production.

He said the cartel, which produces around 40 per cent of the world's oil, 'does not need to raise output in the near future,' according to Kuwait's Kuna news agency on Sunday.

The Organisation of the Petroleum Exporting Countries has defiantly held its daily output quota at 29.67 million barrels since its last meeting in March, despite repeated calls from US President George W. Bush to hike production.

Oil prices are unlikely to fall back below 90 dollars, the Venezuelan energy minister Rafael Ramirez said Monday.

'We believe that prices will remain around this level, at least around US$90,' Mr Ramirez told reporters on the sidelines of the International Energy Forum in Rome.

'Oil prices can't fall' much further because 'production costs have increased,' he said.

Iraqi oil minister Hussain Al-Shahristani argued that an increase in Opec production would not bring relief since prices were being driven primarily by speculative investment in commodities.

In recent months, oil prices have also been boosted by the weak dollar.

The sliding value of the US currency makes dollar-priced goods cheaper for foreign buyers and tends to encourage oil demand, traders said.

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AK_Francis
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17-Apr-2008 18:24

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Ha ha, nowadays high oil prices has lost its impact on daily SPC price leow. SPC could be too tired after running for few days, hmmmmm.

Yah if AK still recall, not long ago, someone told me that crude oil will not surge pass 110 one. But forgotten who and then whether it was quoted on USD or EUD? Smiley

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mirage
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17-Apr-2008 15:42

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Quotes: *Oil at US$115 record*

SINGAPORE - OIL hit a new high above US$115 (S$155) a barrel on Thursday as the dollar's extended slump and a big fall in US gasoline stockpiles just weeks ahead of the summer driving season attracted fresh fund buying. US crude for May delivery dipped one cent to US$114.92 a barrel by 9.59am Singapore time after having hit US$115.21 a barrel in early electronic trade, its third consecutive high. Prices gained US$1.14 on Wednesday, taking this year's gains to near 20 per cent. London Brent crude rose 4 cents to US$112.70 a barrel, off a record intraday high of US$112.83.

Oil prices have extended a five-year rally this year as investors seek out commodities as a hedge against inflation and bet that fast-growing oil demand in Asia and the Middle East will help compensate for a weakening US economy.

'The fall in US gasoline stocks and a weak dollar are the reasons for prices rising, but it's a contradiction. The US economy is slowing down and gasoline demand is not growing,' said Mr Gerard Rigby of Fuel First Consulting in Sydney.

US government data showed a surprisingly big 5.5 million barrel fall in gasoline stocks in the week to April 11 as poor economics pushed refineries to go slow on output.

Crude oil stocks fell 2.3 million barrels to 313.7 million barrels despite lower US processing rates that dropped 1.6 percentage points to 81.4 percent of capacity, the lowest level since the week ending Oct 21, 2005.

The US Energy Information Administration expects high retail gasoline prices to cut summer gasoline demand by 36,000 barrels per day this year, the first year gasoline demand is expected to decline in the summer since 1991.

'Although the inventory situation in the US is not desperate for either crude oil or refined products, the inventory draws were merely spice in an otherwise US dollar-driven foreign exchange pricing frenzy for crude oil,' said Mr Martin King from First Energy, in a report.

The dollar plummeted to lifetime lows against the euro on Wednesday, as a steep decline in US home construction and record high euro zone inflation underscored the contrasting growth paths of the two economies.

Although US oil consumers appear to be feeling the effect of higher prices and a gloomier economic outlook, demand from China is running strong with top refiners set to extend unusually high diesel imports into a sixth straight month.

PetroChina, the No. 2 refiner, has bought 300,000 tonnes of gas oil for May after Beijing extended an import tax break into the second quarter, traders say.

And growth in refining run rates in China remained strong in March at 6.8 per cent, data showed on Thursday. -- REUTERS

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mirage
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16-Apr-2008 09:00

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Quotes:

FUTURES MOVERS

Crude-oil futures, motor gasoline set new records

Oil hits $113.99 a barrel on production disruption; gasoline at $3.386 a gallon

By Moming Zhou & Polya Lesova, MarketWatch

Last update: 3:33 p.m. EDT April 15, 2008

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SAN FRANCISCO (MarketWatch) -- Crude-oil futures soared Tuesday to a new record of $113.99 a barrel, temporarily boosted by supply disruption in Mexico and Nigeria.

Crude oil for May delivery rallied more than $2 to the new high before closing up $2.03, or 1.8%, at $113.79 on the New York Mercantile Exchange, also a closing high.

At the pump, the average U.S. retail gasoline prices rose to a new high of $3.386 a gallon, up 1.3 cent from the day before and well ahead of the month-ago price of $3.285 a gallon, according to the AAA Daily Fuel Gauge Report.

Last week, a U.S. energy administration said gasoline could surpass $4 a gallon in some areas in the upcoming driving season.

Supply disruptions in Mexico and Nigeria lifted crude to the record high. Bad weather forced the closure of export terminals in Mexico, according to analysts at Action Economics.

Petroleos Mexicanos, the third-largest U.S. supplier of crude oil, shut its export terminal Monday. With another closing today, five terminals are now closed, they said.

Adding to supply concerns, Eni SpA, Italy's biggest energy company, said Monday that sabotage over the weekend caused a fire at oil plants in Nigeria, causing a total output loss of about 5,000 barrels a day.

"Participants have continually favored supply related news over poor demand projections," said Michael Fitzpatrick, an analyst at MF Global, in a research note.

On the currency markets, the dollar was off its lows from overnight thanks to bullish data, but still remains weak. The dollar index, which tracks the performance of the greenback against a basket of currencies, edged up 0.2% to 71.93. See Currencies.

Crude prices, denominated in dollars, tend to rise when the greenback falls, as a weaker U.S. currency makes crude less expensive to buyers holding other currencies. It also eats into oil producers' dollar-denominated revenue and forces them to raise prices.

The U.S. Energy Information Administration will report last week's crude inventories Wednesday. Analysts surveyed by energy information provider Platts expected U.S. crude stocks to show a 1.5 million barrel build.

They also expected a decline in gasoline stocks of 2 million barrels, which would be the fifth consecutive weekly fall in inventories, and a 1.7 million barrel drop in distillate stocks, in line with historical norms.

Last week, analysts also predicted an increase in stockpiles, but EIA reported inventories fell to 316 million barrels in the week ended April 4, down 3.2 million barrels on the week.

Also helping boost oil prices were speculators, who increased bets on rising oil prices last week for the first time in four, helping push crude prices to record levels, recent data from the U.S. futures regulator show. See full story.

Also on the Nymex, May reformulated gasoline gained 5.92 cents to $2.881 a gallon and May heating oil rose 7.1 cents to $3.2739 a gallon.

May natural gas futures soared 15.2 cents to $10.205 per million British thermal units.

Moming Zhou is a MarketWatch reporter, based in San Francisco.
Polya Lesova is a MarketWatch reporter based in New York.

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terencefok
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10-Apr-2008 22:05

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Oil will never come down, its finite resource.

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shalom
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10-Apr-2008 21:24

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There is unlikely to be any major correction for oil. I think oil price is going to stay high until I die

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Hulumas
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10-Apr-2008 18:10

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I wonder, where are those Non Opec members crude oil producers? Don't they try their best to balance the world oil supply and demand? I suspect Crude oil has come to near end of its peak. Much anticipated huge correction is on its path in no time!!! (just my business instinct)

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AK_Francis
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10-Apr-2008 17:43

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Since April fool day, we had been arguing on increase of foods' prices in kopithiam. Now, I think we hv to sw topic leow. If OPEC don't stand up to do something, incrasing high oil prices definitely will overturn the global economies, escalating inflation rate and subsequently causing political unrest in the poor countries. Then riots are imminent leow.

Is med around, really the above AK can't think how to solve loh, but still thinking, he he.

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shalom
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10-Apr-2008 15:35

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Ge ready for higher inflation. Oil price is going to stay high till the end of time.....

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mirage
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10-Apr-2008 15:27

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Oil cross US$112 per barrel?????

World oil prices were steady in Asia on Thursday after an unexpectedly sharp drop in U.S. energy inventories and a further decline in the dollar.

In late morning trade, New York's main oil contract, light sweet crude for delivery in May, rose 2 cents to $110.89 a barrel.

The benchmark contract jumped $2.37 to close at $110.87 on Wednesday. It earlier crossed $112 for the first time, touching an intraday high of $112.21 during floor trading at the New York Mercantile Exchange.

Brent North Sea crude for May was a penny higher at $108.48 a barrel.

In London on Wednesday, Brent ventured into uncharted territory above $109, striking an intraday record of $109.50 before settling $2.13 higher at $108.47.

Crude prices soared after the U.S. Department of Energy (DoE) on Wednesday reported that energy stockpiles in the United States had dropped across the board during the week ending April 4.

Crude oil stockpiles slumped by 3.2 million barrels and gasoline inventories shed 3.4 million barrels, the DoE said. Both falls were higher than analysts' forecasts.

"The substantial inventory and crude oil draws and the weak dollar has pushed prices to a new high," said Tony Nunan of Mitsubishi Corp's international petroleum business in Tokyo.

"It was a rather bullish inventories report." Nunan said oil prices are likely to shoot higher in the short term.

"Prices could reach $120. Maybe tomorrow, maybe next week," he said.

Traders are particularly focussed on gasoline supplies ahead of the peak demand U.S. holiday driving season which starts next month.

The DoE on Tuesday said it sees U.S. gasoline consumption for the coming season declining for the first time in two decades as Americans curb driving due to sky-high prices at the pump.

Dollar weakness also lent support to commodities. The dollar skidded after the International Monetary Fund slashed growth forecasts for the world economy on worries that a credit crisis will deepen.

The euro continued higher at $1.5852 in morning trade, up from $1.5827 late Wednesday.

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mirage
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09-Apr-2008 17:45

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Oil edges up to $109, eyes lower U.S. gasoline stocks

Wed Apr 9, 2008 3:36am EDT

By Luke Pachymuthu

SINGAPORE (Reuters) - Oil prices rebounded on Wednesday, edging closer to $109, as concerns over a decline in gasoline stocks ahead of the U.S. driving season helped keep the market on the boil.

U.S. crude futures inched up 11 cents to $108.61 a barrel by 3:10 a.m. EDT after the market fell on Tuesday amid profit-taking and the dollar's strength. London Brent crude was up 11 cents at $106.45.

"The dollar strengthened overnight, but it is still relatively weak to the yen and the euro, and with further interest rate cuts expected, we should see more fund money coming into commodities," said Robert Nunan of Mitsubishi Corp in Tokyo.

The dollar briefly rose higher against the yen and euro on Wednesday, supported by reports that Citigroup Inc (C.N: Quote, Profile, Research) was close to a sale of leveraged loans and bonds to a group of private equity firms.

A weak dollar tends to raise prices for commodities denominated in the currency by boosting non-U.S. spending power and by attracting investors seeking an inflation hedge. A stronger dollar can push commodities prices down.

The Energy Information Administration said on Tuesday that despite softening demand, the world oil market would remain tight this year as production increases from both the Organization of the Petroleum Exporting Countries and non-OPEC countries will likely fall short of projections.

For the first time, it raised its full-year forecast for U.S. light crude to more than $100 a barrel and said a slowing U.S. economy would not be enough to check soaring oil demand.

"Global inventory levels are still at a comfortable level. I think the bigger concern for the market should be if non-OPEC crude oil producers can sustain production levels in the long term," Nunan said.

An expanded Reuters poll on U.S. inventory data due out later in the day showed an average forecast for a 1.4 million-barrel decline in distillate stocks and a 2.5 million-barrel drop in gasoline stocks.

Concerns over diesel supply, particularly with strong demand in Europe and Asia saw London's gas oil futures, closely related to diesel, hit a new peak of $1,017 a tonne on Tuesday before easing to $1,007.

OPEC president Chakib Khelil reiterated on Tuesday that high oil prices were not caused by a shortage of crude and he saw no need for OPEC to pump more.

(Editing by Ramthan Hussain)

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