MOSCOW, December 28 (Sputnik) — Members of the Organization of the Petroleum Exporting Countries (OPEC) must reduce their oil production to stop prices from plummeting further, Algeria’s Energy Minister Youcef Yousfi said Sunday.
“OPEC should correct imbalances by cutting [oil] production in order to raise the prices and protect the income of its member countries,” Yousfi was quoted as saying by Algeria's APS news agency.
According to the minister, Algeria does not share the stance of some of OPEC’s largest oil producers that the market should be allowed to stabilize itself. “This is not our opinion,” Yousfi underlined.
During its November summit, OPEC, which accounts for some 40 percent of the world’s oil output, decided not to cut production despite a sharp decline in oil prices in recent months.
Oil prices have plummeted over the past half year, going down from more than $110 per barrel to $60 per barrel due to oversupply in the market.
