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Algeria: Oil at $50 per barrel is “not acceptable”

Algeria: Oil at $50 per barrel is “not acceptable”

Sep 04, 2016
2 min read
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Algeria’s minister of energy, Noureddine Boutarfa has called on OPEC nations to address the ailing price of oil at the forthcoming OPEC summit, calling the current price “unacceptable”.

Boutarfa made the remarks after a meeting with his Iranian counterpart, Bijan Zanganeh, in Tehran.

“I had a meeting with Mr Zanganeh and we talked about the future meeting of OPEC due to take place in Algiers,” he told reporters.

“OPEC members are demanding oil price to be between 50 to 60 dollars and the price of 50 dollars per barrel is not acceptable”, Boutarfa said. “That is why we are going to continue our discussions and efforts to reach a deal on a final price mark with the OPEC members,” he said.

Algeria has been particularly hard hit by the fall in oil prices and, along with Venezuela, has been among the loudest voices within OPEC calling for a production freeze.

The unofficial OPEC meeting will take place on the sidelines of the International Energy Forum in the Algerian capital from September 26-28.

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