Algerian Energy Minister Mustapha Guitouni said on Thursday that the Organization of Petroleum Exporting Countries (OPEC) is "free and independent" in making decisions.
His remarks came after U.S. President Donald Trump recently accused the cartel of monopolizing the oil market at the ongoing UN General Assembly meeting held in New York.
"We defend many of these (OPEC) nations for nothing and then they take advantage of us by giving us high oil prices, not good," Trump said.
"We want them to stop raising prices. We want them to start lowering prices, and they must contribute substantially to military protection," he added.
In response, Guitouni said the current oil price per barrel ranging between 70 U.S. dollars to 80 dollars is "appropriate."
"In case the prices are high, the industry will slump; demand will decline; stock will increase and ultimately prices will fall. That's why we have to reach consensus to assure sustainable balance between supply and demand," he explained.
His remarks came after U.S. President Donald Trump recently accused the cartel of monopolizing the oil market at the ongoing UN General Assembly meeting held in New York.
"We defend many of these (OPEC) nations for nothing and then they take advantage of us by giving us high oil prices, not good," Trump said.
"We want them to stop raising prices. We want them to start lowering prices, and they must contribute substantially to military protection," he added.
In response, Guitouni said the current oil price per barrel ranging between 70 U.S. dollars to 80 dollars is "appropriate."
"In case the prices are high, the industry will slump; demand will decline; stock will increase and ultimately prices will fall. That's why we have to reach consensus to assure sustainable balance between supply and demand," he explained.
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