Algeria suggests $100-110 as ‘fair’ price for oil barrel
DOHA - Algerian Energy Minister Youcef Yousfi said Monday that $100-110 a barrel is a "fair" price for oil which will not have any major impact on the global economy.
The current oil price "has no major (negative) impact on the global economy and I think the price of around $100-110 a barrel is fair for producers and consumers," Yousfi told reporters in the Qatari capital.
"It (the current price) allows investment in the oil and gas industry," said the minister on the sidelines of meetings ahead of the first summit for the 12-member Gas Exporting Countries Forum.
The Algerian minister declined to comment on what OPEC ministers should do when they meet in Vienna next month, saying "we have to study the situation when we meet in one month."
"The situation is changing from day to day rapidly," he said.
Algeria is currently pumping 1.2 million barrels per day and has a production capacity of 1.5 million bpd, the minister said.
Oil and gas accounts for the vast majority of the OPEC member's exports.
Oil was higher in Asia Monday as traders weighed the prospects of renewed Middle East tensions after the UN nuclear watchdog said Iran had worked on atomic weapons technology.
New York's main contract, light sweet crude for December delivery gained 16 cents to $99.15 a barrel and Brent North Sea crude, also for December, was 44 cents higher at $114.60.