OPEC plans no output increase for winter

President of the Organization of Petroleum Exporting Countries, Chakib Khelil, has ruled out the possibility of a rise in crude output.

In a recent speech, Khelil said OPEC will not consider increasing oil production during the winter unless it sees a significant rise in demand.

He added that the cartel would not boost its output to bring prices down, especially after a fall in oil prices this week.

Exporters say that a weakening US dollar is driving up oil prices not a shortage of supply.

Meanwhile on Wednesday, crude rose more than five dollars to USD 126.72 a barrel after the US announced that its gasoline supplies were down by 3.5 million barrels last week.

(Source: Press TV)

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