Algeria Pressures OPEC To Lower Oil Production

 Niyi Aderibigbe Business, Energy

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VENTURES AFRICA – Algeria, one of Africa’s major oil producers, has urged OPEC to cut production in order to push oil prices up.
OPEC had in November insisted on maintaining its production levels despite falling global oil prices.  Algerian energy minister, Youcef Yousfi, however said OPEC should defend the interests of its members by cutting output.
“We believe that OPEC should defend the interests of its members by cutting output so prices will go up,” Yousfi was quoted by the APS news agency as saying.
The decision of OPEC not to cut output is largely based on the opinion of some big players in the group, who prefer to leave price regulation to the market.
Algeria, according to Yousfi, did not share the views of big producers inside the cartel. “We do not share the views of big producers inside OPEC who say the
market can regulate the prices,” he said.
OPEC is however not ready to cut output. Its Secretary-General Abdullah al-Badri told Reuters recently that he hoped to see a recovery in the price of oil.
He expressed hope oil prices will rebound by end of second quarter of 2015. “We hope the price would rebound by the end of the second half of 2015,” he said.
As at 29 December 2014, the price of OPEC basket of twelve crude(s) stood at $56.06 per barrel.