Algeria urges OPEC for consensus approach to stabilize oil prices

Xinhua
November 25,2014

ALGIERS, Algeria on Tuesday urged the Organization of Petroleum Exporting Countries (OPEC) to act in Thursday’s meeting in Vienna to reach a consensus approach ahead of halting the drop of oil prices in the global market, APS news agency reported.

“This approach is meant to generate stable solutions,” APS quoted energy minister Youcef Yousfi as saying on the sidelines of the inauguration of the first service station for compressed natural gas (CNG) in Algiers.

The minister further specified that he will attend the meeting of OPEC due on Thursday in Vienna, Switzerland, which aims to examine the evolution of the market, the imbalances that caused the drop in prices and consult on the way to reestablish balance of the market.

Oil prices fell again on Monday as investors expect that the OPEC may not cut output during Thursday’s meeting.

Light sweet crude for January delivery fell by 73 cents to settle at 75.78 U.S. dollars a barrel in New York Stock Exchange.

Algeria outputs 1.2 million oil barrels per day.

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