Shanghai Daily: Business - shanghaidaily.com
OIL prices fell yesterday when an OPEC official said the cartel may boost output, calming concerns about tight supplies. "I would not exclude the possibility of increasing production if the market wants it," said Chakib Khelil, Algeria's oil minister, who takes over as president of the Organization of Petroleum Exporting Countries on January 1. Khelil, who spoke to reporters at a Mediterranean energy conference in Cyprus, also said current oil supplies are sufficient. Data released by oil tanker-tracker Petrologistics shows OPEC oil exports have already risen by about 400,000 barrels a day, analysts said. As the oil supply picture is improving, concerns about weakening demand are rising. Analysts said Friday's government report that consumer inflation jumped in November by the largest amount in more than two years continues to weigh on markets. "Worries about economic growth have re-emerged," said Addison Armstrong, director of exchange traded