Algerian Attempt to Rally Oil Prices Fails to Ignite

18 Mar 2015   Algeria

An Algerian invitation to fellow oil producers to work together on oil prices attracted only Angola this week, as the latest attempt to counter slumping oil prices failed to ignite. A Nigerian proposal last month to convey an emergency meeting of the Organization of the Petroleum Exporting Countries immediately fizzled after the group’s kingpin Saudi Arabia opposed the move. Fears of a mounting oil glut amid resilient U.S. oil production and brimming inventories have driven oil prices down again in recent days—after already halving since last June. Writing on behalf of Algerian President Abdulaziz Bouteflika, oil minister Youcef Yousfi sent invitations to a dozen countries, including Saudi Arabia, Nigeria, Angola and non-OPEC producer Russia, to discuss a concerted response to falling oil prices as part of “consultative meeting” in Algiers on March 16, according to people familiar with the letter. But only Angola’s oil minister José Maria Botelho de […]

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