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Algeria sees oil at $40-$50 a barrel in '09 -report.

Summary: Algeria's energy minister said Monday he expects oil prices to average between $40 and $50 a barrel this year, and perhaps rise to $60 a barrel at the end of 2009.

Algeria's energy minister said Monday he expects oil prices to average between $40 and $50 a barrel this year, and perhaps rise to $60 a barrel at the end of 2009. <p>"We think that in the third quarter of this year maybe there will be an increase in demand relative to demand in the first six months, so we should see better prices in the third quarter," Chakib Khelil, who was on a visit to Peru, told RPP radio.

He reiterated that Algeria and other members of the Organization of Petroleum Exporting Countries (OPEC) will meet on March 15 and may look at cutting output again to help stabilize prices.

OPEC made its biggest-ever output cut in December, when it agreed to reduce supplies by 2.2 million barrels per day.

"I think prices will rise at the end of the year, maybe reaching $60 at year's end, but the average won't be more than between $40 and $50, which isn't a bad price," he said.

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Publication:UMCI News (Potomac Falls, VA)
Date:Feb 4, 2009
Words:210
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