Algiers, Dec 29 (IANS) The Organization of Petroleum Exporting Countries(OPEC) should cut oil output to push prices up, Algerian Energy Minister Youcef Yousfi said Sunday.
“OPEC should intervene to correct the imbalances by cutting oil output to push prices up and defend incomes of the member countries,” Yousfi said at a press conference in the southern Tamanrasset Province.
Algeria, a OPEC member, does not agree with big oil producers in the OPEC who suggested the oil cartel should not intervene to regulate the market but let it stabilise automatically, Yousfi added.
The minister also suggested to maintain the dialogue between members and non-members of OPEC as they all share the same goals, Xinhua reported citing the official APS news agency.
Meanwhile, Yousfi expected the oil price to swing between $60 and $70 per barrel in 2015 and $80 in 2016.
