OREANDA-NEWS. April 05, 2017. Current oil prices are too low for Algeria to consider boosting crude output, said oil minister Noureddine Boutarfa.

He said that state-owned Sonatrach's plans to increase crude production are medium and long-term objectives and "we do not see the point in increasing production while the price fluctuates between $50/bl and $55/bl."

And he said that "the context of the fall in prices does not necessitate offering tenders for oil projects", adding that investments would instead be made in partnerships and joint ventures.

Algeria is currently locked into the Opec and non-Opec agreement to limit production. It has pledged to hold its output at no more than 1.04mn b/d for the first six months of this year in a deal that may be extended.