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Global Oil Demand Slightly Higher-Algeria Minister

Source: Reuters 11/14/2011, Location: Africa

Current oil prices are fair although there are signs of a slight increase in global oil demand although current prices were mainly in line with the global economy, Algeria's energy minister said. Speaking on the sidelines of a meeting of the Gas Exporting Countries Forum (GECF) in Doha, Youcef Yousfi said current oil prices were not a problem for the global economy.

"It seems that this oil price (today's) has no major impact on the global economy. I think a price around $100 a barrel is fair for consumers and producers," Yousfi said. "And it allows for oil and gas investments." "There are possible concerns about demand, mainly in Europe within some countries, which could decrease demand but also there are emerging countries like China and India where we see increasing demand so overall there will maybe be a slight increase in oil demand."

Asked about OPEC policy, Yousfi said OPEC had enough spare capacity to deal with any major supply problems. "Spare capacity in OPEC is enough," he told reporters. "It exists in majority of countries." He declined to say what Algeria's position would be in the next OPEC meeting scheduled in December. Yousfi also said the global gas market was balanced and that there were no signs of oversupply.

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