Ecuador Petroleum Minister Says $90-$120 Oil Spread Reflects "Market Realities"

In an exclusive interview ahead of the 148th General Meeting of the Organization Petroleum Exporting Countries (OPEC), of which his country is a member, Chiriboga insisted that depreciation in the value of the dollar and market speculators had a role to play in the rocketing of oil prices. “In an ideal scenario, oil price is dictated by market mechanism and should respond to the supply and demand mechanism, but it isn’t at the moment. Oil stockpiles are healthy but prices are still rocketing. The value of the dollar and speculators who are an important component of the market must apportion the blame and not OPEC,” he added.