Algerian Energy Minister - No Decision Likely At Extraordinary OPEC Meeting In December

ALGIERS, Nov 5 (KUNA) -- Algerian Minister of Energy and Mines Chakib Khelil predicted here Monday that the OPEC would take no decision on the oil market ahead of its extraordinary ministerial meeting in Abu Dhabi on December 5.

He also expected that oil prices would remain at their current level until the second quarter of next year amid forecasts of a drop in international demand for oil by two million barrels per day.

He ascribed his predictions to an increase in demand for oil in the coming months, oil refineries' inability to cover global demand and political factors, chiefly fears over northern Iraqi oil flow suspension, a very cold winter and the US dollar depreciation vis-@-vis other currencies.

The Algerian minister also attributed the recent record levels of oil to a drop in consumers' dwindling oil reserves.

EDIT

http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=1854777&Language=en