Thursday 14 June 2012

Keeping OPEC ceiling won't stop price slide: Algeria | Reuters

Keeping OPEC's oil output limits unchanged will not be enough to halt the fall in the price of crude, Algerian Energy Minister Youcef Yousfi was quoted as saying on Thursday.

"There is at the moment an unjustified rise in the organisation's (OPEC's) production," Yousfi was quoted as saying by Algeria's APS state news agency.

"With this over-production, there is a risk that prices will fall, uncontrolled, to levels from which it will be very difficult subsequently to bring them back. Maintaining the ceiling adopted (by OPEC) last December will not be sufficient."

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