In my opinion we are taking a big risk if we do not re-adjust supply. It would be better, given the circumstances, not to take such risks, Algeria’s Liberte newspaper quoted Khelil as saying.
In separate comments, Khelil said he expected oil prices to plunge further before the next OPEC meeting and then lift up later due to improved summer demand.
He said he estimated oil prices to end 2009 at around $60 a barrel and that the average price over the year would be between $40 and $50 a barrel.
Some people are buying oil to stock it and resell it later because they know the prices will go up, Khelil said.
