Jeddah oil summit: OPEC chief opposes output hike

JEDDAH: OPEC president Chakib Khelil on Sunday opposed increased production to counter record oil costs saying "the price is disconnected from fundamentals" of supply and demand.

"We believe that the market is in equilibrium. The price is disconnected from fundamentals. It is not a problem of supply," Khelil told a briefing as an international summit on the oil price crisis started in the Saudi city of Jeddah.