The decision, which carrie after US and Atlantic basin benchmark crude prices climbed above 100/bl, suggests that ministers think high oil prices are not likely to cause demand destruction. Opec's view is supported by continuing robust demand growth in developing economies, even as oil prices move to inflation-adjusted records.Opec's post-meeting press release "highlighted the economic slowdown in the US, which, together with the deepening credit crisis in financial markets, is increasing the downside risks for world economic growth and, consequently, demand for crude". But the group's president and Algerian oil minister, Chakib Khelil, says: "The increase in demand for oil is not coming only from the US. Most of the increase in demand is coming from China and India. As long as those economies remain relatively strong, you are going to have strong demand."
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