Algeria: Global Oil Surplus Puts OPEC in Wait-and-See Mode

The global oil market is carrying excess supply of at least one million barrels per day, Algerian Oil Minister Chakib Khelil said Friday as he arrived in Vienna ahead of Sunday's OPEC meeting.

Khelil noted that stockpiles exceed last year's averages and that speculation has pushed prices higher despite the glut. The 11-nation group will weigh whether to trim output or hold quotas steady.

Two key variables will shape the decision: Chinese demand and Iraqi supply levels in the coming quarter.

Historical summary. TurkishPress restated this AFP wire report, first published in January 2005, in its own words.