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Algeria: No need for Opec action on oil prices

09 May 2010

(MENAFN) Algerian Oil minister Chakib Khelil stated that there was no need for the Organization of Petroleum Exporting Countries (OPEC) to take any action for the moment against the recent drop in oil prices, Reuters reported.

Khelil said he still expected prices to stay around $80 to $85 a barrel for the rest of the year. US crude oil futures fell settled at $75.11 a barrel, after falling to $74.51, its lowest since February 16.

The minister affirmed the drop in oil prices was due to uncertainty in the market over the Greek debt crisis, and had nothing to do with fundamentals.

Oil posted its biggest weekly loss in almost a year hand a half following the sharp sell-off on Wall Street and on worries that the euro zone’s debt crisis will derail the global economic recovery.

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