OPEC could reduce its production

- The Organization of Petroleum Exporting Countries (OPEC) could proceed with a further fall in production in March at its next meeting in Vienna if crude prices remain in decline, said Saturday in Algiers Chakib Khelil, the Algerian Minister of the Energy and Mines.

•     « If there is a downward trend at the time of our meeting on March 15, I'm sure everyone would agree to conduct a further decline in oil production to stabilize prices and make them up later », said to the press Mr. Khelil, quoted by the APS agency.
  
      « Faced with dropped global demand (...) it is clear that the decline in demand will be strong during the first quarter of this year, » he said on the sidelines of a meeting of contracts signature between foreign oil companies and the Algerian Agency for the exploitation of hydrocarbon resources (ALNAFT).
  
      But according to the minister, « prices will stabilize at around (...) 45 or 46 dollars, before starting to rise during the third quarter of this year. »
  
      He explained the rise by the « respect of the commitments made by member countries of OPEC (to reduce their production). »
  
      The Cartel had particularly decided on December 17 in Oran to cut production by 2.2 million barel per day to try to limit the decline in crude oil prices.
  
      Finally, Mr. Khelil said that despite the economic crisis, « Algeria has not frozen and has no intention to freeze its investment projects »
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• Ennaharonline/ M. O.