Algeria calls for OPEC to cut production

[Omaha Steve]

Source: AP-Excite

By AOMAR OUALI

ALGIERS, Algeria (AP) — Algeria's oil minister on Sunday called on OPEC to cut production and raise the price of oil, which has plunged dramatically in the last six months.

The call by Youcef Yousfi to the Organization of Petroleum Exporting Countries, of which Algeria is a member, comes as the country is struggling to deal with a halving of oil prices from $120 barrel to $60 a barrel.

"For us, OPEC has to intervene to correct the imbalance and cut production to bring up prices and defend the income of its member states," Yousfi said in remarks carried by the state news agency.

While Algeria has some $200 billion foreign reserves, enough to cover imports for the next several years, it is heavily dependent on its oil revenue which provides 97 percent of its hard currency income and 60 percent of the budget.

FULL story at link.


Read more: http://apnews.excite.com/article/20141228/ml-algeria-oil-crisis-39e0a14111.html

[loudsue]

1. Fuck Algeria. n/t

[hack89]

2. And Russia, Iran, and Venezula. Nt

[Comrade Grumpy]

5. And Texas, North Dakota, and Louisiana. n/t

[hack89]

7. The US as a whole will benefit

And eventually fracking will be economical again.

[Adrahil]

13. Tbh, I'm not terribly bothered...

That oil companies in the US might be fracking less.

[BadGimp]

6. well said

[fredamae]

3. If this or any other

POTUS deserves Credit or Criticisms for the price of gas as they Always are....then Why isn't Algeria appealing to Obama instead of OPEC????

[hughee99]

11. Because while many Americans don't know better, the Algerians do. n/t

[fredamae]

14. Sad, but Yep. n/t

[Ash_F]

4. We need to get off oil ASAP. /nt

[Sunlei]

8. oh my, "oil revenue which provides 97 percent of its hard currency income"

Algeria may have to raise the gasoline price at home and develop more export/trade products. I think the glory decades of 'price setting' are over.

Pump price for gasoline (US dollar per liter) in Algeria was last measured at 0.29 in 2012, according to the World Bank

[louis-t]

9. They can scream all they want.

House of Saud holds all the cards, and they can hold out for a loooong time.

[project_bluebook]

10. Yep, won't happen.

They would probably like to keep the price at this level but will let it go as low as the market determines.

[roamer65]

12. I don't think Russia and Iran are going take this peaceably.

There is going to be retaliation. Anyone is naive if they think these two are just gonna take it with out responding.

[sabbat hunter]

15. neither Russia or Iran

can afford to lose any oil revenue. I am not sure how much retaliation they can do. If they cut their production, they are probably just cutting off their noses to spite their face. Both countries are under heavy sanctions, need any oil revenue they can get their hands on, even at lower prices.