Economy

Energy Minister Abdelmadjid Attar: the price of oil barrel may remain above 50 dollars

Energy Minister Abdelmadjid Attar confirmed on Monday, in Algiers, that the oil barrel may remain above 50 dollars, at least during the first six months of 2021, “if the right decisions are made to preserve the oil market prices.”

During a press conference before the twenty-fifth Follow-up meeting of the Joint Ministerial Committee  and the thirteenth ministerial meeting, Mr. Attar explained, via a video conference that the prices could remain above 50 dollars threshold, at least during the first six months of 2021, if the participating countries  were able to make decisions to maintain oil market prices.

The minister explained that “evaluating the results of the decisions taken is important because we decided during the month of November to increase production by 2 million barrels for 2021 and 500 thousand barrels during the current month.”

“The results for December and the forecast for January are very important during a period of a declining energy demand,” he added.

Mr. Attar added that the participants in this meeting must decide whether or not they will increase by 500 thousand barrels during the month of February.

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