The Organization of Petroleum Exporting Countries won't meet before its next scheduled gathering in September despite surging oil prices, the group's president Chakib Khelil was quoted as saying by the Libyan National Oil Corp.'s Web site Tuesday.
"There is no need for a meeting before September. There is no shortage in supply in the market and there is a balance between supply and demand," Khelil was quoted as saying.
He added that continuously rising oil prices are mainly due to the deflating dollar's value.
"Each 1% decrease in the value of the U.S. dollar against other currencies is causing oil prices to rise by $4 dollars," Khelil was quoted as saying.
However, Khelil, who is also Algeria's oil minister, said that OPEC "stands ready" to supply any additional demand in the market.
"We will take the right decision in our next meeting," he reportedly said.
July crude traded up $1 on Globex at $133.19 a barrel Tuesday.