See also:
» 16.03.2010 - Russia's Gazprom enters Africa through Algerian field
» 21.07.2009 - OPEC may cut oil output in September
» 26.02.2009 - Algeria to erect nuclear Power plant
» 23.02.2009 - OPEC may cut output again
» 28.01.2009 - Repsol makes gas discoveries in Algeria's Sahara desert
» 07.08.2008 - Algeria makes new oil and gas finds
» 12.05.2008 - Algeria to export power through Morocco
» 27.03.2007 - Algeria keen on establishing "Gas OPEC"

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Algeria | World
Economy - Development | Society

OPEC may cut output again

afrol News, 19 January - The Organisation of Petroleum Exporting Countries (OPEC) is contemplating another trim of 2 million barrels in oil production before the next meeting in March if crude prices continue to fall, Algerian Energy and Mines Minister Chakib Khelil announced.

OPEC, the supplier of 41 percent of the world's oil, had cut more than 2 million barrels per day in December from its production to modify the fall in crude oil prices. Crude oil lost almost three quarters of its value since rising to a record $147.27.

Mr Khelil said if the oil price continues to decline, OPEC members will be left with no choice but to ration the oil production in order to stabilise the prices. "In view of a decline in world oil demand, which differs from one expert to another, it is clear that demand will fall sharply in the second quarter of 2009," the minister told national news agency, APS.

However, analysts have argued that though a cut in production might stabilise the prices, with the current global economic recession, consumers will be the hardest hit with the ration.

Although producers are acting in their own interest by reducing supply now, they claim their actions will also prevent a future supply crunch by ensuring adequate investment in new oil fields.

According to the cartel, there has been almost 100 percent compliance with two earlier OPEC supply reductions. Angola, OPEC's newest member and current chair, will lower its oil production rate to 1.7 million barrels a day next month.

The Cartel is expected to meet in Vienna in March, to review progress made by oil cuts.

- Create an e-mail alert for Algeria news
- Create an e-mail alert for World news
- Create an e-mail alert for Economy - Development news
- Create an e-mail alert for Society news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at