MADRID: The Organisation of Petroleum Exporting Countries (OPEC) on Tuesday set the steadying the US dollar and the easing of tensions between the West and Iran as key conditions for stabilizing oil prices.
High oil prices were not caused by a lack of supplies, OPEC President Chakib Khelil said at the 19th World Petroleum Congress in the Spanish capital Madrid.
There were enough reserves to meet the market demand for the next 50 years, said Khelil, who is also the Algerian energy minister.
OPEC countries were investing $120 billion upstream to increase their production by four million barrels per day by 2012, according to the Khelil.
The OPEC chief attributed the high oil prices 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..........
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