The Algerian energy minister, Chakib Khelil has said that US$90 a barrel oil was essential to stabilise crude prices, but believed that would not be achieved until 2010.
Algerian news agency APS reported that Khelil said that the current price of just over $70 was due to a number of factors including the International Energy Agency raising its forecast and increased demand in the US.
“A price which ensures the stability of the oil market must evolve around $90 a barrel. It should be reached between the middle and the end of 2010,” APS quoted Khelil as saying.
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Khelil also said that he believed prices would not go up this year.
“I do not think prices will continue to increase. They may stabilise or perhaps fall to $65 or $70 a barrel,” he said.Â
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