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Commodities Briefing - Categorized | Oil, Price Watch more

Algeria says current oil prices are ‘reasonable’

Posted on 16 October 2013

Algeria’s energy minister said yesterday that current oil prices were “reasonable” and it was too soon to predict whether Opec might change its output target at its meeting in December. Opec, which pumps more than a third of the world’s oil, meets on December 4 in Vienna to decide whether to adjust its output target.
“We will see when we meet early December. We will study the market and we will decide,” Youcef Yousfi said on the sidelines of the World Energy Congress, when asked about next year’s Opec production. Brent crude prices have traded in a range of between US$107 and $112 a barrel in the past four weeks after spiking above $117 in August on disruption of Libyan supply and the prospect of western military action against Syria………………………………………..Full Article: Source


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