OPEC president says it won't raise production before September meeting

The Organization of Petroleum Exporting Countries will not increase production before its next meeting Sept. 9, Algeria's energy minister said Monday. "Current prices aren't linked to the law of supply and demand," said Energy Minister Chakib Khelil, the current OPEC president, according to government newspaper El Moudjahid. Saudi Arabia, the world's leading oil producer, promised an additional 300,000 barrels of crude a day as US President George W. Bush wrapped up a meeting Friday with King Abdullah. But that, and the US move to temporarily stop filling government stockpiles, have done little to change overall sentiment in the market. Oil prices rose Monday but remained short of the trading record reached at the end of last week. Light, sweet crude for June delivery was up 87 cents to US$126.35 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.