OPEC President Chakib Khelil answers questions at the presidential palace in Algiers June 9, 2008.(Xinhua/Reuters File Photo) Photo Gallery>>>

   　ALGIERS, July 26 (Xinhua) -- Oil should be trading at between about 70 U.S. dollars to 80 dollars per barrel if the dollar strengthens and the Iranian nuclear crisis is defused, Chakib Khelil, rotating president of the Organization of the Petroleum Exporting Countries (OPEC), said here Saturday.

    He made the prediction in his brief remarks to reporters, noting "there could be volatility ... but normally long-term oil prices should move in that lower direction without the interference of geopolitics or of the U.S. monetary policy."

    He said the recent meeting between senior U.S. diplomat William Burns and Iran's chief nuclear negotiator Saeed Jalili in Geneva and the strengthening of dollar were the main factors that helped push the oil prices down rather than changes in supply and demand.

    "I do not see a fall in demand ... (and) supply is the same," said Khelil who is also Algeria's Minister of Energy and Mines.

    The OPEC head also voiced dissatisfaction with some European countries' insistence on promoting bio-ethanol energy.

    Oil prices for September delivery fell to 123.26 dollars per barrel on the New York Mercantile Exchange and to 124.52 per barrel on the ICE Futures exchange in London on Friday, the lowest in seven weeks.

Oil prices slide below 124 USD on falling fuel demand

    NEW YORK, July 25 (Xinhua) -- Crude oil resumed its slide and settled below 124 U.S. dollars Friday on falling fuel demand caused by a slow economy and supply increase from the OPEC countries.

    Light, sweet crude for September delivery dropped 2.23 dollars to settle at 123.26 dollars a barrel on the New York Mercantile Exchange. Futures touched 122.50 dollars a barrel during the trading session, the lowest intraday price since June 5. Price has tumbled more than 24 dollars since the all-time peak of 147.27 dollars a barrel was achieved on July 11.  Full story

U.S. says Arctic holds 90 billion barrels of oil

    WASHINGTON, July 23 (Xinhua) -- The area north of the Arctic Circle has an estimated 90 billion barrels of undiscovered, technically recoverable oil, according to a new assessment posted Wednesday at the official website of The U.S. Geological Survey (USGS).

    Also among the Artic bonanza are 1,670 trillion cubic feet of technically recoverable natural gas and 44 billion barrels of technically recoverable natural gas liquids, says the USGS assessment.  Full story