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24

Sonatrach Want Oil Prices Between $80 and $100

Algerian national oil company Sonatrach would like to see oil prices between $80 to $100 per barrel

Algerian national oil company Sonatrach would like to see oil prices between $80 to $100 per barrel, the firm's chief executive said on Friday, adding that he expected its production to hit 2 million barrels a day by 2010.

Oil dipped below $60 a barrel for the first time in a year and a half on Friday.

"We're not satisfied as a company with current oil prices," Mohamed Meziane told reporters in Beijing, where he was attending a global forum for national oil company executives.

"We would like to have a higher oil price, at $80 to $100 a barrel to satisfy all the concerned consumers and producers."

He also said that Sonatrach will cut output by 71,000 barrels per day from Dec 1, from around 1.3 million now, to conform with OPEC's agreement last month to cut output by 1.5 million barrels per day (bpd) or about 5 percent.

Its next scheduled meeting is in Algeria on Dec 17.

Asked when Sonatrach's output would reach 2 million barrels per day, Meziane said: "By 2010. We will see. We continue to increase our total oil production capacity."

Author: Jo Amey