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 Chakib Khelil, Minister of Energy and Mines of Algeria and President of
the OPEC named the causes that are affecting, according to his point of
view, the current oil price increase.
These factors include; the crisis that unfolded in the USA during
August and September of last year, which provoked a decrease of
interest rates, the dollar devaluation, and the access of investment
funds in the oil market; the geopolitical situation, showing the market
a visible risk of war; and the addition of bioethanol into the energy
market which has meant, according to Chakib Khelil, an important impact
on the production of diesel on a worldwide basis. The Minister of
Algeria assured that it“is difficult to believe that we will to
experience shortages in oil and gas distribution during the next 50
years” and declared that “Algeria is a country open to consider any
kind of international initiatives.”
Chakib Khelil also commented that the countries of the OPEC are open
for any type of investment from international companies, although he
admitted that at present there exist an embargo and they do not allow
any investment in any countries of the OPEC. Likewise, he emphasized on
the fact that the members of this organisation only represent 40% of
world production, having invested one hundred and twenty billion
dollars in Upstream and sixty billion dollars in Downstream, and all
this to pump four million barrels per day in 2012. In addition, he
called for the rest of producing countries to also make an effort in
the areas of investment and responsibility within the sector. He added
that in 2010 the production of the OPEC will represent 52% of world oil
demand.
Likewise he indicated that international organisations are discussing
(International Agency of the Energy, International Forum of the Energy
and the OPEC) hot topics of the oil sector: an offer of transparency,
from the perspective of consumer interests, of reserves and product
flow, and the factors that influence the current rise of oil prices.
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