Crude Prices Continues Downward Trend

Crude Prices Continues Downward Trend

As Crude Oil Prices continues to head south with rising inventories in the US, Algeria’s Energy Minister Youcef Yousfi has reportedly opened up discussions on possible responses to the continued decline with fellow Organisation of the Petroleum Exporting Countries (OPEC) members Angola and Nigeria, according to Algeria’s state news agency APS.

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”, the agency said late Monday, without providing details.

The three countries, which need oil prices to be much higher than current levels to cover their spending, were part of a group that advocated a reduction in production at the last meeting of the OPEC in November.Crude-oil-price-crash-360x225

Saudi Arabia is determined to maintain the organisation’s output to protect their market share.

Nigeria’s Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, warned on Tuesday, might derail Nigeria’s production and reserves targets of four million barrels per day and 40 billion barrels, respectively, by 2020.

The other nations suffering the greatest impact from lower oil revenues are Venezuela, Angola, Gabon and Republic of Congo.

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