Opec oil price concerns grow

摘要

Opec is divided over how to respond to a 25pc drop in oil prices since June. But the group has already begun to defend oil prices, Algerian oil minister Yousef Yousfi’s adviser Ali Hached says, although the nature of its action will become apparent only after the group’s 27 November meeting. His words suggest that Algeria will push for a cut to Opec’s 30mn b/d output ceiling. With declining reserves putting Algerian oil production under pressure, the country is vulnerable to falling prices and has long been a price hawk within Opec.