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Algeria’s additional oil revenues shrink because of dollar’s unremitting slump

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Algeria’s additional oil revenues shrink because of dollar’s  unremitting slump
The Bush Administration has been filibustering to wrench from the OPEC organisation an increase in its overall oil output for dampening prices on the much volatile energy market

As OPEC oil ministers meet Wednesday March 5, in the Austrian capital Vienna to discuss the organisation’s output ceiling, observers note that Algeria’s revenues, accrued from the recent steep oil price hikes on the world market, will but evaporate on account of the steady slump of the dollar versus the euro.

The US Administration has been filibustering over the past few days to wrench from the OPEC organisation an increase in its overall oil output in a bid to dampen prices on the much volatile energy market.
In this connection, OPEC President Chakib Khelil, speaking in his capacity as Algerian energy and mines minister, said however that he favoured, instead, an OPEC output cut.
As OPEC president, Chakib Khelil said there was no consensus in the OPEC group for such a move and two options — of holding output steady or cutting — remained on the table.
“For the medium term it might be the right decision to cut,” Khelil told reporters. “I would prefer to lower production, as Algerian minister.”
Speaking earlier on Tuesday, the OPEC president said “No change” when asked for his expectation of the group’s meeting in Vienna , Austria .
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