Algeria Writes to OPEC Over Falling Oil Prices

21 Aug 2015   Algeria

Algeria has written to OPEC warning that a new drop in oil prices may warrant fresh discussions over the group’s strategy, people familiar with the matter said, the latest sign of economic stress for some members of the cartel. According to the people, Algerian Oil Minister Salah Khebri last week sent a letter to OPEC’s secretariat complaining oil prices have sharply declined since the group decided to keep its ceiling unchanged at a meeting in June. The international oil benchmark, Brent, now trades around $47 a barrel, compared with $62 a barrel at the time of that meeting. “The letter asked OPEC to consider taking some form of action” though it didn’t specify what measures, one of the people said. Another familiar with the letter said that in conversation with other members, Algeria had pressed for closer cooperation with non-OPEC producers. Economically-fragile countries in the Organization of the Petroleum […]

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