The OPEC (the Organization of Petroleum Exporting Countries) should reduce oil production for the commodity prices increase and thus defend the resource inputs of its members, said Minister of Energy of Algeria, Yucef Yusfi on Sunday (28).
“OPEC should intervene to correct the imbalances promoting cutting production to raise prices and defend the resource inputs of its members, “said Yusfi.
Country-OPEC member, Algeria, gets 95% of its external inputs of resources from the exports of oil and gas.
The statement came after Saudi Arabia, the main producer of OPEC, announced last week it would not reduce its production even if the barrel of oil was US $ 20
“As a policy for OPEC, and I convinced OPEC to this, even Mr al-Badri [the secretary general of OPEC] is now convinced, is not in the interest of producers Opepcortar your production, whatever the price, “said oil minister of Saudi Arabia, Ali al-Naimi, in the last 22.
” If it goes down to $ 20, $ 40, $ 50 or $ 60, it is irrelevant, “he said.
In a decision taken on November 27, OPEC decided not to cut oil production, despite a reduction in prices, marking a change strategy to defend its market share.
The price of Brent crude in London, which earlier this year was over $ 100, now gravitates around $ 60.
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