Continental Focus, International Reach

Algeria Plans Production Boost to Offset Losses

Tuesday, January 27, 2015

Algeria plans to boost its oil production despite the current per barrel price of crude. The country’s minister of energy Youcef Yousfi told parliament that Algeria is exploring dozens of reservoirs and looking to raise production as a way to offset losses tied to low prices.

As a member of OPEC, Algeria is required to produce a certain amount of crude per day, its quota under OPEC. The production cartel has been emphatic in its stance not to lower production to stabilize oil prices. At one time Algeria lobbied for OPEC to cut production so it could see gains in the per barrel price.

Yousfi said the production boost will help it keep up with its development plans.


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