Petroleum Africa
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Friday, March 20, 2015
Three of the five non-Gulf member states of the Organization of Petroleum Exporting Countries (OPEC) are joining together to discuss how to reverse crude’s current downward trend. Algeria’s Energy Minister Youcef Yousfi opened up discussions on possible responses to the decline in oil prices with Angola and Nigeria, according to Algeria’s state news agency APS.
Algeria, Angola, Libya, and Nigeria are OPEC’s only African members. While Libya does not really have a “dog in this fight” currently the three other countries are deeply affected by OPEC’s Gulf member states’ refusal to address oil prices by reigning in production. On March 17 Nigeria’s minister of petroleum, Diezani Alison-Madueke, stated that today’s prices may just derail her country’s production and reserves targets of four million barrels per day and 40 billion barrels, respectively, by 2020.
Yousfi met his Angolan counterpart, José Maria Botelho de Vasconcelos, and Nigeria’s ambassador to Algeria Haruna Ginsau “to consider the possibilities to consolidate cohesion between the exporting countries so as to find a joint solution to this situation.”
These African countries, along with fellow member Venezuela, have been vocal on the need to reign in production, although the OPEC’s kingpin Saudi Arabia has convinced its neighboring cartel members to hold firm on production rates.
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