OPEC chief says oil prices won’t come down

Prior to his meeting with EU energy officials in Brussels, OPEC president Chakib Khelil said on Tuesday that Oil prices would not come down adding that the oil cartel has already done what it can on the matter.

Ahead of a summit between producers and consumers in Jeddah last weekend, OPEC heavyweight Saudi Arabia promised on Thursday to lift its oil production by 200,000 barrels per day.

However, Saudi Arabia’s increased output, to counter the fears of inflation-hit consumers, exposed divisions within OPEC at the summit with Khelil opposed to a production hike.

In the face of calls from consumer countries for an oil output hike, OPEC secretary general Abdullah al-Badri insisted that supply was currently sufficient.