Algeria says Doha's oil meeting crucial

Algerian Energy Minister Salah Khebri on Monday dubbed crucial the coming meeting of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers due on later this month in Qatar's Doha.

"The meeting is crucial as it aims at reaching an agreement to maintain oil outputs at January 2016 level, which is likely to allow oil prices to gradually rebound, or at least stabilize around 40 U.S. dollars a barrel," Khebri told reporters in Algiers.

Yet, "some key oil producers snubbed Algeria's request to cut outputs, including non-OPEC members," the Algerian official noted.

Khebri further indicated that Doha's meeting aims at bridging differences between oil producers and reaching consensus agreement to boost the market.

Last month, Algeria said it fully supports the initiative of Russia and Saudi Arabia aiming at freezing oil outputs in a bid to shore up the sluggish prices.

Amid record drop in crude prices, energy ministers of four major oil producers, namely Saudi Arabia, Russia, Qatar and Venezuela, members and non-members of OPEC, have decided to freeze their production, while calling on other producing countries to join their initiative to hike the falling prices.

On Monday, Brent crude prices rose to 42.92 dollars a barrel, a four-month high, while the U.S. WTI crude settled at 40.36 as oil traders hope that the Doha oil meeting can prop up the prices. Endit