Algeria: No need for Opec oil

Doha - There was no need for more oil from Opec on the world market, despite rising crude prices, Algerian Energy and Mines Minister Chakib Khelil said on Monday.

"It's very difficult to think about increasing," he told reporters. "It's not needed, no reason why you would produce if there is no demand...the market has plenty of stocks, even in floating storage."

Khelil told reporters ahead of a Tuesday meeting of gas producers he considered Opec's compliance with existing output cuts satisfactory and assessed the level at 80%.

"The cuts from Opec are having some impact," he said.

On oil prices, Khelil said:"I think that at this stage they are where they should be - $65-$70. Definitely there is an oversupply... demand could be weak, the economy in the US, is not necessarily robust so I think the prices will remain weak."

"It doesn't reflect true fundamentals," he added on current oil prices.

- Reuters