OPEC President Does Not Rule Out $200/Barrel Oil Prices

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.

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The oil is coming from the Middle East. They own the oil and can sell it for whatever we are willing to pay for it. $Anything. These oil prices is driving this food shortage, and recession. Wheres my gotdamn oil from Iraq. Everyone says this war was about oil, where is it? We should have invaded Saudi Arabia. Saudi Arabia screwed us on 9/11 and they are screwing us now.

On tv last night, and I almost passed out they said in 2- 5 years (my guess its 2) gas prices could reach as high as $12. to $14. a gallon. Would you pay that?