The Opec oil cartel wants oil prices of $70-90 a barrel, Chakib Khelil, Algeria’s energy minister and the group’s president, said on Sunday, suggesting the group would try to defend this level with further production cuts in the coming months.

Opec no longer has an official price band, which it tries to maintain, but several countries, including Venezuela, have pushed for its resurrection. However, Saudi Arabia has so far resisted the idea, analysts and Opec delegates said.