OPEC Must Reduce Production to Correct Market Imbalances

Source: Algeria Times 12/29/2014, Location: Africa

Oil revenues are estimated at USD 60 billion by the end of 2014 against USD 62 billion in 2013, i.e. a decrease of USD 2 billion, Minister of Energy, Youcef Yousfi announced Saturday.

So far, "we made nearly USD 60 billion in exports (hydrocarbons) and we will probably end the year 2014 with USD 60 billion,'' said the minister at a press conference in In-Salah (Tamanrasset) in response to a question on the impact of the drop in world oil prices on the revenues of Algeria's exports.

If in 2014, Algeria has maintained the level of its oil revenues despite the drop in crude oil prices, which began in June he said, adding that "no one can predict the level of oil revenues in the future.'' The minister made these statements at the end of an inspection visit to two shale gas pilot wells in the basin of Ahnet located in In Salah.

Similarly, the price of natural gas will surely be affected by the decline in oil prices, since its price is indexed to crude, noted Yousfi while preventing the effect of this decline on gas countries where large projects may be postponed or cancelled due to lack of funding.

Despite the depression prevailing in the international oil and gas markets, Algeria will continue to intensify the exploration of its mining resources and the development of already discovered fields, he assured.

Thanks to this exploration effort, he said, Sonatrach was able to discover, in 2013 and 2014, nearly 7 billion barrels of oil equivalent including 4 billion of barrels of oil equivalent reinforced hydrocarbon reserves and fill the decline of previous years.

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