ALGIERS, Jan 28: Opec will maintain its current production quota at next week’s meeting, Algeria’s oil minister said on Saturday.

Speaking to reporters in Algiers ahead of Tuesday’s meeting in Vienna, Chakib Khelil predicted economic growth in the world would continue and keep oil prices high.

High demand in the United States and China as well as shortages of refining capacity were underpinning the market price not supply shortfalls, he said.

“There is a consensus with the member countries to maintain the current quota as there is enough oil in the market,” Khelil said.

“I expect a barrel at $50 at least for the second quarter of the year.”

Khelil said geopolitical uncertainties and the fundamentals of the oil market were behind the recent oil price upsurge. The market has been uncertain about whether Opec member Iran could cut exports amid a dispute with Western powers over its nuclear programme.

The Organization of Petroleum Exporting Countries will help replace supply shortfalls, but “this still depends on the production capacity of its members,” Khelil said.—AP