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[daiello]

I think they have it mixed up...

"Khelil, who is also Algeria's oil minister, predicts an oversupply of oil at the end of the year, and in early 2009, in the region of 500,000 to 1.5 million barrels a day. He said there probably won't be any need for OPEC to meet again between now and December."

Bloomberg:

Sept. 10 (Bloomberg) -- Crude oil jumped about $2 a barrel in New York after OPEC President Chakib Khelil called on members to match output to the group's set limits.

Crude oil for October delivery climbed as much as $1.41, or 1.4 percent, to $104.67 a barrel on the New York Mercantile Exchange and traded at $104.08 at 9:37 a.m. Singapore time. The contract had fallen as much as $1.20, or 1.2 percent, to $102.06 a barrel prior to the OPEC announcement.

The Organization of Petroleum Exporting Countries left its production quotas unchanged at 28.8 million barrels a day after concluding its meeting in Vienna today.

The group's output has been adjusted to reflect Indonesia's departure from the organization.

To contact the reporter on this story: Christian Schmollinger in Singapore at [e-mail].
Last Updated: September 9, 2008 21:41 EDT