Energy ministers from OPEC rejected calls from US and European representative to supply additional crude for world markets late yesterday, pushing crude futures close to all-time highs. Prices jumped about $110 this morning, close to the $111.80 high set in mid March. But Chakib Khelil, the cartel’s head, is in no hurry to provide any relief:
There is really no need for increasing the supply … Stocks are in pretty good shape [and] we are entering the period when we see lower demand.
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