[January 23, 2006] DJ Algeria Oil Min Sees Crude Stay Above $50 For Next 6 Mos Tweet (Comtex Business Via Thomson Dialog NewsEdge)ALGIERS, Jan 23, 2006 (Dow Jones Commodities News via Comtex) --Global oil prices are unlikely to fall below $50 a barrel for the next six months, as a robust global economy keeps demand high, Algeria's Oil Minister Chakib Khelil said Monday. Speaking to reporters on the sidelines of an industry event in Algiers, Khelil said global demand for crude oil should remain strong for the rest of the year. Khelil's comments come as ministers from the Organization of Petroleum Exporting Countries prepare to meet Jan. 31 to discuss their output policy ahead of the second quarter, which traditionally shows lower demand. Khelil said political issues Nigeria and Iran are raising concern over crude supplies and are also keeping oil prices at current high levels. Despite such concerns, Khelil said the oil market is adequately supplied. "The current supply meets the needs of consuming countries and there is no need to put more oil in the market," he said. In the longer-term, Khelil said a global shortage in refining capacity will help to underpin high prices. Saudi Arabian Oil Minister Ali Naimi said in an interview televised Monday he doesn't see any reason for OPEC to change output policy next week. In an interview with India's television news channel NDTV, Naimi said: "Based on what we see today, prices are on the high side. Unless the market changes significantly between now and the meeting there is probably no real reason to do anything different." Also Monday, Nigerian Oil Minister Edmund Daukoru, who is also OPEC's president, said he sees no compelling reason for the group to cut production next week. "Speaking as Nigeria's oil minister, I see no reason myself for a cut," he said. "The market will remain tight for the long term." "Nothing is cast in stone, but we have to consider that prices are heading towards $70 a barrel," said Daukoru, who has yet to speak with other ministers to see if they share his view. Monday, geopolitical concerns about disruptions to Nigerian and Iranian oil exports continued to grip the market. U.S. crude prices traded at an intraday high of $69.20/bbl, their highest level since early September. OPEC's second-largest producer, Iran, said last week called for the group to cut output ahead of the second quarter, when it fears a build up of stocks could cause prices to crash. -By Sally Jones and Ahmed Rouba,Dow Jones Newswires; 44-207-842-9347; [email protected] 0- (MORE TO FOLLOW) Dow Jones Newswires 01-23-06 1037ET [ Back To TMCnet.com's Homepage ]