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$ devaluation, speculation behind price hike: OPEC

Published on Tue, Jul 01, 2008 at 20:41 , Updated at Tue, Jul 01, 2008 at 22:06
Source : CNBC-TV18

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Chakib Khelil, President, Organization of Petroleum Exporting Countries, or OPEC, said dollar devaluation, market speculators have contributed 60% of oil price hike. "Geopolitical reasons are to blame for another 20% of oil price hike."

The US must stabilize the dollar for oil prices to stabilize, Khelil said. "Investing USD 120 billion upstream to increase production by four million barrels by 2012."

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