A Review of the Nigerian Energy Industry

Algeria, Venezuela agree to enhance coordination on oil prices

16 January 2015, Algiers — Algeria and Venezuela agreed to enhance coordination of their efforts to provide the condition aimed at stabilising oil market in face of oil price fall.

Oil prices drop
Oil prices drop

President of the Republic Abdelaziz Bouteflika and his Venezuelan counterpart Nicolas Maduro ” agreed to enhance the coordination of the two countries’ efforts so that to provide the conditions aimed at stabilising the global oil market and ensuring appropriate prices of oil exports,” said a joint communiqué released Thursday at the end of the State visit paid from 12 to 15 January to Algeria by Venezuelan president.

“The energy issue was the main focus of the meeting held between the two presidents and the exchanges between their delegations,” said the communiqué.

“They underlined the important role of the Organisation of Petroleum Exporting Countries (OPEC) as a stabilising force of oil prices, to correct the imbalance in the global hydrocarbon market and which affects the normal growth of the international economy and the development prospects of the countries of the South.”



– Algerie Presse Service

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