Algeria seeks more oil-exporter cooperation on price drop

OPEC member Algeria is seeking more cooperation among oil exporting countries to help counter a sharp fall in global crude prices, its energy minister said.

In December, Algeria called for an OPEC production cut in response to a more than 50 percent collapse in the price of petroleum, and has since said it was in talks with OPEC and non-OPEC producers to trim the market surplus.

Energy Minister Youcef Yousfi met Angola’s energy minister and Nigeria’s ambassador to Algeria on Monday as part of the consultations, according to state news agency APS.

They would examine the impact of lower oil prices on economies and “also look at opportunities to strengthen cooperation among all exporting countries to find a common solution to this situation,” APS said.

Saudi Arabia has led a no-cut policy in OPEC and the organization refused to trim output at its November meeting. It holds its next meeting in June and comments from officials so far suggest it will not adjust policy.

 

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Last Update: Wednesday, 20 May 2020 KSA 09:45 - GMT 06:45
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