OPEC, UN responsible for oil price drop, Egyptian minister says

Egyptian oil Minister Hamdi al-Banbi accused OPEC and the UN Security Council's five permanent member states of responsiblity for the current recession in oil prices.

The decision by OPEC member states to raise the oil production ceiling came at the improper time: during a fairly warm winter and an economic crisis from which southeast Asian states -- big consumers of oil -- are suffering, AFP reported al-Banbi as saying in a statement to "Akher Saa (Last Hour) magazine.

The minister said on Wednesday that oil prices will recede further, after the recent crisis with Iraq and the decision of the UN to permit Iraq to increase its oil production.