Algerian Minister of Energy and Mines Chakib Khelil said Thursday that he does not see any reason for the Organization of Petroleum Exporting Countries (OPEC) to reduce production as international crude oil prices stay high.

OPEC had decided to set official production quota at 28 million barrels per day (bpd) after the 11-member organization's meeting in Kuwait last December.

Khelil held that changes to the decision, if any, would only be made after the organization's evaluation of the international crude oil market in its March meeting, stressing that hasty announcement of OPEC output cut would only aggravate the turbulence in the world crude oil market.

Continued growth of world economy, Iran's nuclear issue and the increase of crude oil consumption in winter as well as the inadequacy of the world's refining capacity are the major factors of the current high crude oil prices in the international market, Khelil told local press.

Though the price of Brent North Sea crude exceeded 64 U.S. dollars per barrel on Thursday, it is still possible for the international crude oil price to stay at around 50 dollars per barrel for the first half of the year, Khelil said.

Algeria is an OPEC member country and 98 percent of its foreign exchange revenues come from the export of oil and natural gas.

Source: Xinhua