OPEC chief: Strong demand will keep oil prices up
7/6/2008 ALGIERS, Algeria
He says strong market demand, especially from China and India,
is one reason prices will stay as high as they are.
But Khelil told a conference on energy in Algiers on Sunday that
the steady increases of late "have nothing to do with supply and
demand."
Khelil, who serves as Algeria's energy minister, blames the rise
on the weak U.S. dollar, the currency that oil is sold in.
He says he believes the reason the dollar has fallen against
other currencies is the U.S. decision to lower interest rates in an
effort to boost the American economy.
Oil prices hit a record of nearly $146 last week.
