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Algeria called on to cut oil production

Алжир призвал сократить добычу нефти

Freezing of oil production is not sufficient to correct the situation on the market. For stabilization of quotations is necessary to cut production. This opinion is shared by energy Minister of Algeria Hebri Salah (Salah Khebri). It is reported RIA Novosti with reference to data of Bloomberg.

Low oil prices hurt all, the official said, and welcomed international efforts to limit the supply. He noted that Algeria supported the proposal to freeze oil production and may support a decision to reduce production if other countries will do.

Hebri also said that the date and place of the upcoming meeting between OPEC members and oil producing countries have not yet agreed.

8 March, American media reported that Russia aimed to create a new cartel, under the control of which may be nearly three-quarters of world production of oil.

Earlier, on February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Also about the intention to join the agreement said Iraq and Kuwait, and on 20 February, is now Nigeria. Russian energy Minister Alexander Novak said that over 15 countries have publicly confirmed readiness to freeze oil production at the level of January 2016.

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