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Algeria Sees Crude at $40 If Producers Agree to Output Freeze

Source: Reuters 4/11/2016, Location: Africa

Oil prices may stabilize at $40 a barrel should OPEC and non-OPEC producers agree to a supply freeze at their meeting in Doha next Sunday, Algerian Energy Minister Salah Khebri said.

"If all countries agree not to increase production, this will give a strong signal to the market and make prices stabilize at least around $40 per barrel," he said, according to the state news agency APS. "It's a crucial meeting."

Algeria has repeatedly called for a crude output cut to help prices increase as the OPEC member relies heavily on energy earnings for its spending. Oil and gas earnings account for 60 percent of the state budget.

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