Algeria says OPEC+ decision to stabilize oil price at $100 per barrel

The decision of the OPEC+ countries in early October to cut oil production will help stabilize the price at $100 per barrel by the end of the year, Minister of Energy and Mines of Algeria Mohamed Arkab said in parliament, Report informs referring to TASS.

“Despite lower oil prices and fears of a global recession, the latest OPEC+ decision to cut production by 2 million barrels per day should keep the market balance and price stability at $100 per barrel until the end of the year,” he noted.

“Oil prices have rebounded after an unprecedented decline in markets in early 2020 due to the emergence and spread of the coronavirus,” he said.

On October 5, OPEC+ countries voted to reduce oil production by 2 million barrels per day.