Algerian Energy Minister expects oil prices to remain unchanged at $40 per barrel
Algeria is expected to boost its production capacity to 1.5 million barrels per day (bpd) during this year, Algeria's Energy and Mining Minister Chakib Khelil said in an interview with the London-based Al Hayat daily, published Saturday.
In addition, the Algerian minister predicted that oil prices will remain unchanged, around $40 the barrel up until the end of 2004 due to the growing world demand and instability, mainly in Iraq.
Khelil added that prices would decline next year, though not below $30 per barrel.
Furthermore, he pointed out that Algeria has adopted the policy of developing oil discoveries, which in 2004 alone reached six discoveries, while the forecast average for the years to come is 10 discoveries per annum. This will involve investments of up to $20 billion, the equivalent of an average of $4 billion a year, which is likely to help Algeria increase its production capacity to 2 million bpd by 2010. (menareport.com)
© 2004 Mena Report (www.menareport.com)