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Opec leaders to deepen producers-consumers dialogue - Algeria

ALGIERS, Nov 12 (KUNA) -- Leaders of the 12-member Opec will, in their November 17-18 summit in Riyadh, Saudi Arabia, work on deepening dialogue with oil consuming countries, Algerian minister of energy and mining Chakib Khalil said Monday.
The Riyadh summit is a continuation to the previous two summits, the first in Algeria in 1975 and the second in Venezuala in 2000, during which dialogue between oil producers and consumers occupied "an important part" of the deliberations, Khalil was quoted by the Algerian Press Agency as saying.
The Organization of Petroleum Exporting Countries (Opec), said Khalil, would focus on deepening the dialogue with consuming countries.
"This dialogue is very important for the organization in order to reach balance for the market, thus simultaneously preserve revenues of member countries and secure energy supplies for international economies," he said.
The Riyadh summit "is highly important" for Opec, said Khalil who noted that member states should discuss how energy was affecting the environment.
The summiteers, he said, would discuss energy issues, environment, global warming, water and air pollution.
The Algerian minister underlined that Opec was always ready to supply crude oil for the demanding market, even in 2003 when Opec member Iraq was forced to stop oil production.
The Riyadh summit might urge the consuming countries to help curb speculations in the oil markets, he said. Prices have soard to over 95 dollars per barrel.
Khalil anew attributed soaring oil prices to speculations, low supplies from oil refineries, geopolitical factors and weak US dollar.
Algeria takes over Opec presidency next January. (end) ft.bs KUNA 122333 Nov 07NNNN