OPEC chief says fall in record oil prices isn't likely

ALGIERS: OPEC chief Chakib Khelil says the world's surging oil prices are not likely to fall. He says strong market demand, especially from China and India, in one reason prices will stay as high as they are.

But Khelil told a conference on energy in Algiers on today that the steady increases of late "have nothing to do with supply and demand." Khelil, who serves as Algeria's energy minister, blames that on the weak US dollar, the currency that oil is sold in.

He says he believes the reason the dollar has fallen against other currencies is the US decision to lower interest rates in an effort to boost the American economy. Oil was selling for more than USD 140 a barrel last week.