Home / International / News Tools: Save | Print | E-mail | Most Read | Comment
OPEC: threat against Iran, weak dollar behind oil price hike
Adjust font size:

The Organization of Petroleum Exporting Countries (OPEC) President Chakib Khelil said on Tuesday threat against Iran and a weakening US dollar were the major forces behind oil price hike.

At a press conference on the sidelines of the World Petroleum Congress in Madrid, Khelil insisted that high oil prices were not caused by a lack of supplies, rebuffing the claim by some oil consuming countries.

Instead, the OPEC chief attributed the price hike to the devaluation of the US dollar and accompanying market speculation, the geopolitical situation including the tension between Iran and the West, and the impact of bioethanol which had lowered diesel production.

"We will not see lower oil prices without finding solution to possible war threats in certain oil producing areas," Khelil said.

There was "a need to do something about geopolitics and the dollar," he added.

Khelil warned if Iran get attacked, the oil price could rise even further since the oil-rich country's disrupted production may not be compensated.

"It is obvious that if you curtail 4 million barrels per day from the market, you are going to have a big problem," he said, "Ido not see who can replace that, including OPEC."

(Xinhua News Agency July 2, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- OPEC rejects price band for oil
-  OPEC oil output remains unchanged
- Speculation blamed for oil price hike
- Oil prices hike: is speculation all to blame?
- Behind the oil price hike
- EU agrees on new sanctions against Iran
- Bush threatens Iran with new sanctions
Most Viewed >>
- Military exercise in the Pacific targets China
- Japanese aerial inspection angers China
- China's US policy remains unchanged
- Rice visits quake-hit China region
- China, US pledge constructive ties
> Korean Nuclear Talks
> Reconstruction of Iraq
> Middle East Peace Process
> Iran Nuclear Issue
> 6th SCO Summit Meeting
Links
- China Development Gateway
- Foreign Ministry
- Network of East Asian Think-Tanks
- China-EU Association
- China-Africa Business Council
- China Foreign Affairs University
- University of International Relations
- Institute of World Economics & Politics
- Institute of Russian, East European & Central Asian Studies
- Institute of West Asian & African Studies
- Institute of Latin American Studies
- Institute of Asia-Pacific Studies
- Institute of Japanese Studies