Algeria holds talks with oil-producing countries, members and non-OPEC
to seek a compromise that would stabilize the oil market and boost
prices, said Sunday the Algerian Energy Minister Salah Khebri.
"We currently maintain contacts to stabilize the market, marked by an excess of supply over weak demand and the absence of an economic recovery," said Khebri quoted by the Algerian press agency APS.
These talks seek to "unlock consensus among producing countries in order to reduce production," he added the minister, whose country is a member of the Organization of Petroleum Exporting Countries (OPEC).
"The fact that no OPEC's decision to cut production in November 2014 caused prices continue to fall," he added.
According to the Algerian Ministry, the talks "are not limited to member countries of OPEC but also are conducted with other major producing countries that are not members of the cartel, including Russia."
"OPEC is losing ground. Share [market] increased from 44% in 1990 to 31% currently, hence the importance of major producing countries outside OPEC to join this measure to reduce production, "he said.
Regarding a possible meeting of OPEC, the minister stated that "Algeria will not attend any meeting if there is no agreement on reducing production because of no use convene an extraordinary meeting to fail."
Like Algeria, Venezuela has sought throughout this year than -from founder-member cartel is decide on a production cut, which has been rejected by Saudi Arabia, embarking on a strategy of market saturation that depresses the impact production rates and shale, such as the United States. AFP
"We currently maintain contacts to stabilize the market, marked by an excess of supply over weak demand and the absence of an economic recovery," said Khebri quoted by the Algerian press agency APS.
These talks seek to "unlock consensus among producing countries in order to reduce production," he added the minister, whose country is a member of the Organization of Petroleum Exporting Countries (OPEC).
"The fact that no OPEC's decision to cut production in November 2014 caused prices continue to fall," he added.
According to the Algerian Ministry, the talks "are not limited to member countries of OPEC but also are conducted with other major producing countries that are not members of the cartel, including Russia."
"OPEC is losing ground. Share [market] increased from 44% in 1990 to 31% currently, hence the importance of major producing countries outside OPEC to join this measure to reduce production, "he said.
Regarding a possible meeting of OPEC, the minister stated that "Algeria will not attend any meeting if there is no agreement on reducing production because of no use convene an extraordinary meeting to fail."
Like Algeria, Venezuela has sought throughout this year than -from founder-member cartel is decide on a production cut, which has been rejected by Saudi Arabia, embarking on a strategy of market saturation that depresses the impact production rates and shale, such as the United States. AFP