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From: allevett	5/26/2005 7:25:58 AM
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Algeria Oil Minister Sees Further Summer Hike in Oil Prices by Ahmed Rouaba FWN Financial News 5/25/2005 URL: rigzone.com May 25, 2005 (Dow Jones Commodities News via Comtex) Robust global oil demand may mean a further hike in crude oil prices during the summer months, Algeria's oil minister said Wednesday. "I am expecting prices to go even higher for the summer period and even for autumn, because world oil demand is growing and there is not enough refining capacity," Chakib Khelil told Dow Jones Newswires. Khelil also said there is nothing Organization of Petroleum Exporting Countries can do to cool current high oil prices. He said a lack of refining capacity in the U.S. is contributing to record prices. "OPEC is producing at maximum," he said. His comments come as U.S. oil prices topped $51.00/bbl after U.S. government data showed a surprise draw in crude inventory levels. Earlier Wednesday, Qatar's Oil Minister Abdullah bin Hamad Al Attiyah said he wanted reassurance from other OPEC members over the pace of oil inventory build-ups, particularly in the U.S., when they meet in June. Al Attiyah said he was surprised by a Reuters report also Wednesday saying OPEC would lift its output from July to 30.5 million barrels a day, 1% higher than its expected May output. The report cited an unnamed source. A Kuwaiti official said OPEC members are currently producing some 30.2 million b/d.

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