Algeria’s Khelil Sees Oil Above $50 This Year

Algeria’s Energy and Mines Minister Chakib Khelil said on Saturday that oil prices will not go below $50 per barrel this year, pressured by a lack of refinery capacity.

“We are going to have very big pressure during the summer and at the same time refineries will have to work hard to be ready for the winter. This is to say that the prices will continue to be high, at least $50 (this year),” Khelil told reporters.

Oil prices extended a series of record highs on Friday, touching $60 a barrel.

Asked whether he believed crude oil could reach $100 per barrel Khelil said: “Everything could happen. I won’t say more.”
Reuters