Oil producers cannot pump more without demand for extra supply, and at the moment that demand does not exist, OPEC President Chakib Khelil said on Monday.

"There is a balance between supply and demand and stocks are adequate -- currently at about 53 days of stocks, while last year they stood at 51 days.  There is no problem with fundamentals...which in no way justify current high prices, which are due to speculation and the use of financial instruments and investments in oil commodities to generate profits that investors are unable to make in other sectors."

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