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OPEC President Chakib Khelil reportedly does not rule out oil prices rising to $200 per barrel, even with adequate supply. Khelil pointed to the dollar slide as the reason for a string of record high prices.
The OPEC President also remarked in an interview in Algiers that OPEC will not increase crude oil output in September.
OPEC, which controls about 40% of the world's crude oil supply, will not meet again until September 9th to review its output. In their last meeting in March, the 13-member group decided to keep output quotas unchanged.
Khelil's comment comes as some analyst worry the cost of oil will drive the global economy into a recession. However, he suggested that the rise in oil prices was not responsible for slowing down the world economies. Khelil pointed to the economic recession in the U.S. as a reason for the country's slowdown.
The OPEC President remarked in his interview that a stronger dollar would help oil prices come down off their recent highs, and a U.S. economic improvement would help the market to stabilize.