Oil Prices Will Not Fall Says OPEC

An increased output of crude oil by the Saudi producers is highly unlikely at this point as OPEC’s President Chakib Khelil believes supply equals demand, saying prices will not fall.

Khelil said the rising price of oil is directly due to an increase in Chinese and Indian demand and actions by the U.S. central bank – in 2007 – to bring down the interest rates, eventually leading to the dollar’s decline.

While prices rise, and are expected to reach as high as $170 a barrel by summer’s end, it is imperative to continue to reduce our consumption of oil and search for alternatives. We are simply providing the OPEC nations with the necessary dollars to slowly invest and buy-out America through their purchase of stocks, bonds and the treasury. Our demise is forming through the relied dependence of oil and the unfriendly Middle East.

Source Reuters:

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