Oil markets are rising due to speculation and the dollar's fall, not to a lack of petroleum production, OPEC President Chakib Khelil said on Sunday, the official Algerian news agency APS reported.
APS quoted Khelil, who is also Algerian Energy and Mines minister, as saying: "Prices are not going up because of a lack of output, but rather from the effect of speculation."
This increase in price "is linked not to a lack of production but to the devaluation of the dollar, which has given speculators the opportunity to invest in oil."
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