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Algeria Calls on OPEC to Cut Output

Tuesday, December 30, 2014

As oil prices continue their dramatic fall more and more developing countries that depend on revenues from oil production are wondering when OPEC will step in to help. The cartel’s largest producer, Saudi Arabia, has stated that the organization will continue to produce at its current rates; however, not all members are happy with this stance.

Algeria, who depends mightily on its oil revenues has called on the cartel to cut output in an effort to boost prices. The country’s Minister of Mines and Energy, Youcef Yousfi, called on the cartel to up production as the country  struggles to deal with its oil revenues dropping by half, going from around $120 per barrel to the current $60 per 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.


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