‘Abnormal’ oil prices could fall to $80-OPEC pres

OPEC should not consider cutting production after oil’s steep two-week decline as markets are now balanced, OPEC President Chakib Khelil said on Tuesday, adding that prices could yet fall another $50 a barrel.

Khelil, who is also Algeria’s oil minister, said oil prices could fall to $70 to $80 in the long-term, if the U.S. dollar continued to strengthen and geopolitical anxieties eased.

“The price today is abnormal at $123 a barrel,” said Khelil, speaking to reporters on a visit to Jakarta to meet Indonesia’s energy minister.

Reuters