Algeria urges OPEC cut oil output

Algeria urges OPEC cut oil output

Monday, December 29, 2014 6:18 am


Diezani Alison Madueke: Nigeria's oil minister:  OPEC conference president for 2015

Diezani Alison Madueke: Nigeria’s oil minister: OPEC conference president for 2015

The Organization of Petroleum Exporting Countries (OPEC) should cut oil output to push prices up, the official APS news agency quoted Algerian Energy Minister Youcef Yousfi as saying on Sunday.

“OPEC should intervene to correct the imbalances by cutting oil output to push prices up and defend incomes of the member countries,” Yousfi said at a press conference in the southern Tamanrasset Province.

Algeria, an OPEC member, does not agree with big oil producers inside the OPEC who suggested the oil organization should not intervene to regulate the market but let it stabilizes alone, according to Yousfi.

The minister also suggested to maintain the dialogue between members and non-members of OPEC as they all share the same goals.

Meanwhile, Yousfi expected the oil price to swing between 60 and 70 U.S. dollars per barrel in 2015 and 80 dollars in 2016.


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