$50 improper price for oil

Boutarfa made the remarks among reporters on Saturday evening following a meeting with Iran's Oil Minister Bijan Zanganeh in Tehran.

He stated that his meeting with Iran’s Zanganeh had dealt with the upcoming meeting of OPEC to take place in near future in Algeria; “we also mulled over oil market and its conditions.”

In response to a question on his intended price for each barrel of oil, the Algerian energy minister said “OPEC members are demanding oil price to be between 50 to 60 dollars and the price of 50 dollars per barrel is objectionable.”

“For the same reason, negotiations and efforts will continue with OPEC member states until a final deal on oil price is obtained,” he continued.

Noureddine Bouterfa said his meeting with the Iranian oil minister revolved around outcomes of OPEC’s future meeting as well as the oil market; “OPEC members are going to achieve the price mark of 50 to 60 dollars and we have called for coordination among member states in order to reach a deal on oil prices.”

The official emphasized that numerous factors are involved in oil prices including the production volume, stocks as well as amount of relevant investment.

Elaborating on the potential outcomes of the forthcoming OPEC meeting, the Algerian oil minister said that we expect positive outcomes.

He reiterated that the price of 50 dollars per barrel is not acceptable since revitalization of investment in various sectors requires a reasonable price which would bring about profitability to OPEC members.

Bouterfa estimated that the forthcoming OPEC meeting will yield positive outcomes; “Iran is expected to play an influential role in the meeting though all members will be participating.”

Grounds are suitable for reaching a final agreement on oil prices hence the need for presence of all members, said the Algerian energy minister.

The unofficial meeting of the Organization of the Petroleum Exporting Countries (OPEC) is going to take place on the sidelines of the International Energy Forum in the Algerian capital from September 26-28.

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