Chakib Khelil News

OPEC's president said on Monday a likely cut in oil supply by the exporting cartel was no threat to global economic growth, but aimed at avoiding a price collapse in the second quarter of the year. Chakib Khelil, who is also Algerian Energy and Mining Minister, told Reuters Television that current OPEC exports were 1.5 million barrels per day (bpd) above forecast world demand this year, but that some members wanted to reduce by as much as two million to safeguard revenues. "We don't see oil having a tremendous impact on inflation. There may be more risk in Asia... but in Europe, the United States and Japan I do not see much impact on inflation and growth," Khelil said.

OPEC's president said on Monday a likely cut in oil supply by the exporting cartel was no threat to global economic growth, but aimed at avoiding a price collapse in the second quarter of the year. Chakib Khelil, who is also Algerian Energy and Mining Minister, told Reuters Television that current OPEC exports were 1.5 million barrels per day (bpd) above forecast world demand this year, but that some members wanted to reduce by as much as two million to safeguard revenues. "We don't see oil having a tremendous impact on inflation. There may be more risk in Asia... but in Europe, the United States and Japan I do not see much impact on inflation and growth," Khelil said.