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In an interview with the media, Khalil said that the international oil conference scheduled to be held on the 22nd of this month in Jeddah, Saudi Arabia will provide parties concerned with the opportunity to clarify their respective positions and seek solutions to the issue of rising crude oil prices. Algeria advocates that all parties conduct dialogues on a "reasonable and logical" basis.
Khalil stressed that the meeting should focus on the speculative wave in the international crude oil market because the reason for the increase in crude oil prices is not a drop in production.
He pointed out that crude oil production in OPEC countries only accounts for 40% of the world's total production. Some oil-producing countries such as the United States, Norway, and Russia are not OPEC members. The speculative wave of the international crude oil market, geopolitical tensions and limited oil refining capacity are the main factors that have caused oil prices to continue to soar. In addition, the high fuel taxes levied by some major oil-consuming countries, such as the United Kingdom and France, have also contributed to the rise in crude oil prices.
President OPEC reiterated that it is "unreasonable" for the organization to increase production.
The Minister of the Organization of Petroleum Exporting Countries (OPEC), Algeria’s Minister of Energy and Mines Khalil, said here on the 20th that some oil consuming countries’ demands for OPEC’s increase in production are “irresponsible and unreasonableâ€.