Algeria warned Opec members that excess production beyond agreed quotas would cause significant falls in crude prices.
Quoted by Le Quotidien d'Oran on Sunday, 24 hours before the visit of Venezuela’s President Hugo Chavez visit to Algiers, Algerian Energy Minister Chakib Khelil said that "[I]t cannot be excluded that the crude prices may register important falls due to violation of quotas or to an overproduction."
The Algerian minister said that it would satisfactory if the reference prices did not rise above the benchmark of $30 per barrel. Algeria’s target is an average price of $25 per barrel, he said. – (Albawaba-MEBG)
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