Oil Price Will Remain Above $50, Algerian Energy Minister

Speaking to reporters at Biskra in southeast Algeria Chakib Khelil said that due to quota compliance OPEC «has made it possible to stabilise the price of crude on the international market.»
Khelil played down an increase in price saying it would be «difficult» in the current economic climate, but believed that between $50 and $55 a barrel was achievable.
The minister's comments come after oil has had enjoyed a recent resurgence to over $50 a barrel. Many different reasons have been given for the rise in price such as the recent G20 summit and cuts in production by OPEC member states.