OPEC chief sees oil at $80-$110 for rest of 2008

[Mugu]

Reuters

LGIERS (Reuters) - Petroleum prices will range between $80 and $110 per barrel for the rest of 2008, OPEC President Chakib Khelil said on Saturday.

Khelil, who is also Algerian energy and mines minister, told Algerian television OPEC was under "big pressures" from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to U.S. economic problems and the falling dollar.

"Prices will continue to be high, and the prices for the rest of the year will be between $80 and $110," he said.

The Organization of the Petroleum Exporting Countries (OPEC) left its output steady at a meeting earlier this month despite calls from consuming countries for more oil to halt the record rally.


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