OPEC: US Mis-Management Responsible For Oil Price Hike
by Liam Bailey
2008-03-05 19:10:00 **news**
As new records are set for the price of crude oil per barrel, and despite heavy U.S. pressure, OPEC, the organization responsible for providing 40% of the world's oil said today that they would not increase their output. OPEC President Chakib Khelil hit back at the Bush administration blaming the rising price of oil on U.S. mismanagement leading to the falling value of the dollar.
His actual words were:
"If the prices are high, definitely they are not due to a lack of crude. They are due to what's happening in the U.S., there is sufficient supply. There's plenty of oil there."
The Organization of Petroleum Exporting Countries consists of Iran, Iraq, Qatar, Nigeria, Libya, Kuwait, Angola, Algeria, Ecuador, Saudi Arabia, United Arab Emirates, Venezuela and Indonesia, Iran is the only OPEC country to which the OPEC production quotas do not apply.
