The head of the Algerian national energy company Sonatrach said in a television interview on Monday that Algeria believes that a fair price of oil should be between $70 and $80 a barrel.
Speaking with state television, Taoufik Hakkar added that Algeria, as a member of the OPEC + group, is working to achieve a balance between supply and demand and not to raise prices to a level that would push some countries to produce additional quantities of shale oil, especially the United States.
He said, “I think that OPEC will continue to maintain its quotas that it has set within the limits of keeping prices balanced in the range of 70-80 dollars. Perhaps if demand rises and if prices rise more than these limits, perhaps OPEC will lower the production ceiling.”
Source: Reuters