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Algeria says oil prices to hit 60 USD a barrel after OPEC crucial decision

ALGIERS, Nov. 30 (Xinhua) -- The Algerian energy minister said on Wednesday the Organization of Petroleum Producing Countries' (OPEC) decision to cut its oil output by 1.2 million barrels per day is likely to push oil prices to around 60 U.S. dollars a barrel by the end of this year.

"The decision taken today in Vienna is historic and great triumph for OPEC," Noureddine Bouterfa was quoted as saying in Vienna by the Algerian state-owned television.

He said a committee composed of Algeria, Kuwait and Venezuela has been established to control the implementation of the freezing decision.

Bouterfa further predicted that the oil prices would bring stability to the global oil market by the end of the year.

The meeting of OPEC held Wednesday in the Austrian capital reached a consensus decision between the cartel's members to cut oil outputs by 1.2 million barrels per day, setting the ceiling of oil production at 32.5 million barrels per day.

The reduction is effective from Jan. 1, 2017, and is the cartel's first oil reduction since 2008.

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