According to Chakib Khelil, Algeria’s Energy Minister, OPEC might consider reducing production further at its upcoming meeting in Nigeria, and said the market was stabilizing. "If the reductions already decided aren't enough, we'll take another decision in December," Chakib Khelil told reporters.

The North African country is set to lower its production on November 1 by 59,000 bpd. Khelil said he believed the oil market would "stabilize at its current level" at around $60 per barrel.

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