Guitouni: “Oil Prices Will Range Between $ 75 and $ 80

Energy Minister Mustapha Guitouni said on Monday that geopolitical problems in some oil regions “will not affect oil prices and appropriate solutions will be found in a normal way.”
He stressed that the member states of the OPEC Organization “are committed to the agreement to slash the global production concluded in September 2016.”
The minister sought to dispel the fears raised by reports about the expected collapse of oil prices by the possibility of both Russia and Saudi Arabia to propose a hike in the overall oil production ceiling during the next OPEC meeting to be held on June 22nd.
The Energy minister said: “There are some problems in some areas of production, but this will not affect the range of oil prices that will maintain stability between 75 and 80 dollars.”
The minister refused to comment on the recent remarks made by the Sonatrach CEO Abdelmoumen Ould Kaddour, in which he referred to the issue of the “BRC” Company and the charges of spying, brought against him for which he was tried in the recent past. “The person concerned talked about his case and dismissed it, and I cannot add anything to that,” he stated.
Mr Guitouni also pointed out that after the completion of the three oil refineries, Algeria’s production of gasoline will increase to 40 million tons annually as the current production, does not exceed 11.5 million tons annually, while estimated consumption wiil average around 15 million tons, he said, adding that this lack requires Algeria to import the estimated difference of 3.5 million tons.