OPEC President: Sufficient Extra Capacity to Meet Any Demand Surge

ALGIERS (Dow Jones Newswires), July 21, 2008

OPEC has sufficient excess capacity to meet any surge in demand, OPEC President Chakib Khelil said Monday.

Khelil, who is Algeria's oil minister, said members of the Organization of Petroleum Exporting Countries have undertaken "major investment programs" aimed at increasing crude supply.

"The countries in the Organization possess considerable excess oil capacity that would be able to satisfy any increase in demand for crude and to alleviate an eventual shortage resulting from a supply disruption," Khelil told the executive council of the Arab federation of oil, mining and chemical industries.

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