Oil markets well supplied, Algerian oil minister says

Tue Mar 8, 2011 5:25am GMT
 

By Bruce Nichols

HOUSTON (Reuters) - OPEC member Algeria is concerned about Libyan supply disruptions but sees no physical crude oil shortages globally, the country's oil minister said on Monday.

"We are very concerned about the situation," Algeria's Oil and Energy Minister Youcef Yousfi told Reuters. "But for the time being, I think there is no physical deficit in the market."

Yousfi said that current prices are "short term" and are not likely to slow global economic growth.

"I think it is more psychological effect than physical deficit of oil in the market," he said. "I don't think really there is a deficit."

Middle East unrest has sent U.S. crude oil futures to their highest level in 2-½ years this week.

Yousfi was in Houston to attend IHS CERA's CERAWeek conference, a high-profile energy conference that gets underway on Tuesday. The North African country is the world's eighth-biggest crude oil exporter.

NO OPEC MEETING PLANNED

There are no plans for an extraordinary meeting of the OPEC nations at this time, Yousfi told Reuters Insider. "I do not think the oil price will affect the market stability," he said.   Continued...

<p>The OPEC logo is seen on the rooftop of Vienna's OPEC headquarters during a formal meeting of OPEC oil ministers September 27, 2001. REUTERS/Heinz-Peter Bader HP/</p>

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