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New book puts human face on Sunshine Mine disaster
By The Associated Press
Saturday, March 12, 2005
http://story.news.yahoo.com/news?
tmpl=story&ncid=749&e=1&u=/ap/20050312/ap_on_bi_ge/algeria_opec
ALGIERS, Algeria -- OPEC has reached its production limit, and
trying to stretch output by 1 million barrels per day isn't likely
to lower oil prices, Algeria's minister for energy and mines said.
Chakib Khalil said prices were high because of world economic
growth -- particularly in the United States and China. Algeria is
one of the 11 members of the Organization for Petroleum Exporting
Countries.
"OPEC has reached its production limits. It doesn't have much
production capacity," he said at the opening of an industrial plant
in the western town of Arzew, according to newspaper reports on
Saturday.
"If it came to a crunch, it has capacity for 1 million barrels (more
per day), and I don't think a production increase would influence
the barrel price," he told reporters on the sidelines of the
ceremony.
Crude oil futures prices climbed above $54 a barrel Friday after the
International Energy Agency estimated global petroleum demand would
grow faster than previously expected in 2005.
Light, sweet crude for April delivery rose 89 cents to $54.43 on the
New York Mercantile Exchange, while Brent crude climbed 44 cents to
$53.10 on London's International Petroleum Exchange.
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