It's a good thing the GOP made 'conservation' a dirty word. Oil tested the $117 support level and went up to $117.05 though it has since backed down.
"No," said Chakib Khelil, who is also Algeria's Energy and Mines Minister, when asked by reporters whether OPEC would raise production. "I don't think that any increase in production will have an impact on prices.
There is a balance between supply and demand," he said, speaking during a visit to Kuwait. "Even if we raised the production we may not find a buyer," Khelil said.
He added a previous output increase had failed to bring prices down.
"We raised output last year and there was an increase in prices not decrease." A falling dollar was a main factor behind the surge in oil prices, he said.
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