Algeria Energy Min Says Oil Price Goal Remains $70-$80/B

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tectol

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Algeria Energy Min Says Oil Price Goal Remains $70-$80/B

posted on Apr 02, 2009 07:20PM

Algeria Energy Min Says Oil Price Goal Remains $70-$80/B

LONDON -(Dow Jones)- Algeria's Energy ministry Chakib Khelil said OPEC producers' goal remained $70 to $80 a barrel, and that an economic recovery plan unveiled Thursday "appears to be a great effort" to counter a global recession.

Speaking to Dow Jones Newswires, Khelil said it was unclear if the plan by the 20 largest economies will boost oil prices, but added it "gives good hope."

He added latest estimates show members of the Organization of Petroleum Exporting Countries have cut 110,000 barrels a day more in production since they last met Mar. 15.

-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?... You can use this link on the day this article is published and the following day.