Algerian Minister of Energy and Mining Youcef Yousfi has praised OPEC's recent decision to maintain ceiling of crude output at 30 million barrels per day.The decision was sound and in harmony with current conditions of the oil market, said Yusufi in an interview with Kuwait News Agency (KUNA).OPEC, the Organization of Petroleum Exporting Countries, had not altered volume of the production, estimated at 24.84 million bpd, since December 2008.But the minister indicated that the actual output by the OPEC oil producers exceeded 30 million bpd, noting that some of the member states increased their production of the crude oil, individually, in shadow of certain market conditions that existed over the past three years.
Yousfi affirmed that the cartel member states reached a consensus, during their latest meeting that concluded on December 14, that the producers could put out 30 million bpd to ensure interests of the market, those of the consumers and producers. Moreover, they agreed on monitoring the market conditions.
They have also agreed on the principle of holding an emergency meeting if conditions warrant such a conference, considering prospects that forecast high demand in the first quarter of next year would impact negatively on the prices of the crude.
Furthermore, he did not rule out possibility that the OPEC states might alter the output ceiling if conditions require such a step.
On Libya, he expressed hope that Tripoli would restore its regular output of the crude -- 1.6 million bpd --- but he cautioned that the Libyans might need some time to come back to the market for repairing their oil infrastructure and installations.
Some of Libyan oil facilities were extensively damaged during the fighting that had pitted rebels against forces of the ousted regime of the late leader, Col. Moammar Gaddhafi.