Jun 08 2012
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Algeria Set to Ask Cut in OPEC's Current Output -Oil Minister
Friday, Jun 08, 2012
When OPEC meets next week, Algeria will ask the group to cut output back to its agreed level if it has been breached, the country's oil minister said.
In remarks carried by Algeria's state news agency Thursday, Youcef Yousfi said members of the Organization of Petroleum Exporting Countries are "worried about the deterioration of the market."
"I hope we will find a consensus to correct this situation if it is confirmed the ceiling of 30 million barrels a day was breached," he said about the meeting on June 14.
In recent months, OPEC members have boosted output by one million to two million barrels a day above the group's ceiling of 30 million barrels a day.
(END) Dow Jones Newswires
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