Algerian Energy and Mines Minister Chakib Khelil said on Sunday oil prices will fall further even after Opec decided last week to go ahead with an output cut of one million barrels per day.
"Prices have started to fall and will continue to fall," Khelil told a news conference in Algiers, according to official news agency APS.
"With our preventive decision we will be able to reach our objective of stabilising prices between $22-28 a barrel," he said.
He said the price hike was not due to a lack of supply but notably due to geopolitical issues and the impact of speculators.
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