DAEGU, South Korea: Algeria's energy minister said on Tuesday current oil prices were "reasonable" and it was too soon to predict whether OPEC might change its output target at its meeting in December.
OPEC, which pumps more than a third of the world's oil, meets on Dec. 4 in Vienna to decide whether to adjust its output target.
"We will see when we meet early December. We will study the market and we will decide," Youcef Yousfi said on the sidelines of the World Energy Congress, when asked about next year's production by the Organization of the Petroleum Exporting Countries.
Brent crude prices have traded in a range of between $107 and $112 a barrel in the past four weeks after spiking above $117 in August on disruption of Libyan supply and the prospect of Western military action against Syria.
Africa's biggest gas producer was producing around 3 trillion cubic feet per year of gas and 1.2 million barrels per day of oil, the minister said, adding production was "stable".
Algeria would launch bidding for onshore blocks in a few months, he added, declining to give details on the blocks that would be offered.
The North African country expects to double its gas production in the next seven to 10 years after making a number of significant oil and gas finds in maturing and new fields, the minister said earlier this month.
The OPEC member is a major supplier of gas to Europe, although strict licensing terms have seen major investments freeze up in recent years.
An attack on a gas plant in the Sahara desert in January also triggered an exodus of expatriate workers and forced energy companies to ramp up security.
"We have taken very tough measures in order to secure all of infrastructure in the southern part of the country...We don't have any big concern about that, because, for example, the military have taken charge of security problems on our borders," Yousfi said during an address at the conference in Daegu in South Korea.