OPEC said that fuel ethanol should be responsible for rising fuel prices

According to market observation reports: OPEC said that ethanol should be responsible for high fuel prices, OPEC chairman Khalil said: ethanol production should be responsible for the recent international crude oil prices have been negative 40%.

Algeria’s energy minister and current chairman of the Petroleum Exporting Countries Organization, Khalil, said that in the coming weeks, oil prices will continue to rise, and we should pay close attention to the changes in the US dollar. A dollar depreciation of 1% means that oil prices will increase by 4 US dollars. The devaluation of the U.S. dollar and regional conflicts are the main reasons for the rise in international oil prices, which accounted for 60%, but the production of biofuel ethanol alone has boosted the price increase by 40%. However, he did not explain why ethanol is responsible for rising fuel prices.