Iran Press/ Africa: "The price of a barrel of oil in January will be between USD 60 and 70, after which the market situation will be evaluated next April," Mustapha Qaitouni said.
Algerian Energy Minister also announced that Algeria would reduce its oil production by three percent starting next January, adding that if oil prices continue to fall, output will be further reduced, Iran Press reported.
Qaitouni said in a press statement that this was a commitment to an agreement reached by the oil ministers of OPEC and non-OPEC member countries at their fifth meeting in Vienna this month to reduce production to maintain the balance of the oil market. "This decision will bear fruit in the medium term after 21 of the 24 countries agreed to implement this agreement," he said.
The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers in Austria's Vienna on December 7, agreed to jointly cut the crude production by 1.2 million barrels per day (bdp) from January 2019 for an initial period of six months.
The deal was reached after Iran, Venezuela and Libya were granted exemption from curbing their output.
The surge of US oil production, which has increased by 2.5 million bpd since early 2016 to 11.7 million bpd, has given OPEC and other oil pumpers more pressure in global market competition.
Oil prices declined around 30 percent over the last two months due to oversupply in the global market.
International benchmark Brent crude traded at $53.76 per barrel at 06.02 GMT on Monday, while American benchmark West Texas Intermediate (WTI) saw prices of $45.76 per barrel. 101
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