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Oil prices not likely to drop below current level - Algerian energy minister advisor

December 08, 2014, 1:02 UTC+3 RABAT
On Friday, Brent oil price dropped below 69 U.S. dollars per barrel
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© ITAR-TASS/Dmitriy Rogylin

RABAT, December 7. /TASS/. Oil prices that are currently showing negative dynamics are not likely to drop below their current level, Ali Hached, an acclaimed expert in the sphere of hydrocarbons and advisor to Algeria’s minister of energy, said on Sunday.

Speaking at a North African oil and gas conference, he said that the current oil prices on the global market had reached their minimum and could not go further down.

He forecasted that oil prices may even go up if oil producing countries put an end to excessive market supply.

On Friday, Brent oil price dropped below 69 U.S. dollars per barrel.

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