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ALGIERS (Reuters) - A decision to hike output at next month's OPEC meeting wouldn't necessarily tame the oil market because prices are being determined by factors other than supply and demand, OPEC's president said on Wednesday.
Chakib Khelil, who is also Algeria's Energy and Mines Minister, added in remarks to reporters that there was no point producing more oil if there was no real demand for more supply.
Producing more "won't necessarily lower prices because prices are controlled by other factors which have nothing to do with supply and demand."
Originally posted by Vojvoda
OPEC is correct. The problem is not in OPEC production, the problem is US $! Because of constant devaluing of $, oil price increases.