OAPEC meeting: oil price is acceptable, says Khelil

Algerian oil minister Chakib Khelil said Saturday the current level of oil price is acceptable and it will change in light of global economic variables.

• “The current level of the price is better than that one in the same period of the last year,” Khelil told the APS following the proceedings closing of the meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) held in Cairo.
• “Economic operators in oil sector are expecting better price levels soon,” he added.
• He also said the meeting was limited on administrative points and it did not deal with common oil projects neither were talks held about agreements.
• Speaking about Arab coordination about oil price disturbances in the world, the minister said there is coordination in field studies and data banks.
• Saudi Arabian oil minister on described the current oil price as stable and “perfect” for consuming and producing nations.
• Ministers believe that there is no need for the Organization of the Petroleum Exporting Countries (OPEC) to change its output targets in its forthcoming meeting this month in Angola.
• The Organization of Arab Petroleum Exporting Countries include 10 members: Algeria, UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, Iraq, Egypt, Libya and Syria.