WASHINGTON - Algerian Oil Minister Chakib Khelil said on Thursday OPEC's compliance with a series of cuts agreed to in the second half of last year to stem the steep slide in oil prices would reach 100 percent by the group's next meeting in March.
"Right now, we have very good compliance. We have 85 percent which is unusual for compliance. By meeting time, we will probably have 100 percent," Khelil told Reuters as he visited the U.S. Department of Energy.
He reiterated that there was a 50 percent chance the Organization of the Petroleum Exporting Countries would agree to cut production again when it meets in Vienna to review policy.
Prices for front-month U.S. crude dropped below $34 a barrel on Thursday, well off record highs over $147 struck in July.
"I don't think we feel more pressure just because the price went down one day," Khelil said. On Monday, he told reporters that $40 was a good price for crude at the moment.
Some OPEC ministers and officials have said the cartel would be likely to act again in order to prop up prices.
Last week the minister said there was a 50 percent chance OPEC would cut output at the meeting. Asked if that was still the chance the group would cut, Khelil said, "Yes."
"We're going to see evolution over the next month until the next meeting and make an appropriate decision."
Khelil on Monday said that Saudi Arabia was the only OPEC member that could produce less than its required oil output quotas.
On Thursday, however, he insisted that if the group decided to reduce output again, the reduction would have to be shared amongst the group.
"If we are going to have to make a decision to cut, then everybody will cut according to these quotas. They have to. They are a part of the team," he said.
Khelil was at the Energy Department for his first meeting with the new U.S. Energy Secretary Steven Chu.
"We talked about policy issues: how we can improve on our energy efficiency, how we can implement renewable energy projects," Khelil said after the meeting.
He said they did not discuss OPEC's meeting next month.
Energy Department spokesman Dan Leistikow said Chu used his time with Khelil to reiterate the Obama administration's pledge to develop new energy sources and address global warming.
"Secretary Chu welcomed Algeria's own commitment to developing renewable energies and stressed that every nation has a stake in fighting global climate change," said Energy Department spokesperson Dan Leistikow.
"Right now, we have very good compliance. We have 85 percent which is unusual for compliance. By meeting time, we will probably have 100 percent," Khelil told Reuters as he visited the U.S. Department of Energy.
He reiterated that there was a 50 percent chance the Organization of the Petroleum Exporting Countries would agree to cut production again when it meets in Vienna to review policy.
Prices for front-month U.S. crude dropped below $34 a barrel on Thursday, well off record highs over $147 struck in July.
"I don't think we feel more pressure just because the price went down one day," Khelil said. On Monday, he told reporters that $40 was a good price for crude at the moment.
Some OPEC ministers and officials have said the cartel would be likely to act again in order to prop up prices.
Last week the minister said there was a 50 percent chance OPEC would cut output at the meeting. Asked if that was still the chance the group would cut, Khelil said, "Yes."
"We're going to see evolution over the next month until the next meeting and make an appropriate decision."
Khelil on Monday said that Saudi Arabia was the only OPEC member that could produce less than its required oil output quotas.
On Thursday, however, he insisted that if the group decided to reduce output again, the reduction would have to be shared amongst the group.
"If we are going to have to make a decision to cut, then everybody will cut according to these quotas. They have to. They are a part of the team," he said.
Khelil was at the Energy Department for his first meeting with the new U.S. Energy Secretary Steven Chu.
"We talked about policy issues: how we can improve on our energy efficiency, how we can implement renewable energy projects," Khelil said after the meeting.
He said they did not discuss OPEC's meeting next month.
Energy Department spokesman Dan Leistikow said Chu used his time with Khelil to reiterate the Obama administration's pledge to develop new energy sources and address global warming.
"Secretary Chu welcomed Algeria's own commitment to developing renewable energies and stressed that every nation has a stake in fighting global climate change," said Energy Department spokesperson Dan Leistikow.
