Bouterfa: “Oil Barrel Under $ 50 Does Not Serve Anyone”

Investments in the field of hydrocarbons do not assume oil prices under $ 50, Energy Minister, Noureddine Bouterfa said, on Wednesday, during a press conference at the conclusion of the 15th Ministerial Meeting of the International Energy Forum, at Algiers International Conferences Palace.

“Current move should be directed to the offer in order to restore stability to the oil market”.

“Algiers Energy Forum’s debate was about all the issues of energy, and the dialogue was open”.

“During the debate on the oil there was a consensus that the current prices do not serve producers. Investments in the hydrocarbon sector do not accept the prices of oil under $ 50, and therefore we are going to work to restore the balance and stability to the oil market.”

“Oil market is no longer governed by supply and demand base. It is clear today that we must act on the level of supply in order to restore stability to the market and to ensure its balance”; which is understood as a positive signal about the presence of a common view among the actors in the oil market to take a decision at the Algiers meeting.

“Supply and demand in the oil is no longer rational at all, therefore it should be reset. However, if we want to continue to move in this irrational way towards the future, because of fear of the current, this situation will lead to other more dangerous and more complex problems in the coming years”.

“Russian Energy Minister, Alexander Novak did not change his program and he left before the deadline that was set to him earlier, and said that his agenda forced him to leave on the first day, and this made no change”.

Bouterfa gave signals that the 5th International Tender will be slightly delayed and will be awarded to participants, which is the understanding that it will be awarded by mutual consent with the largest companies, and he said in this regard: “Investments in the field of oil dropped by 50% over the past and current years”. 

“Announcing the tender is currently not necessary, so we preferred to wait and there will not be by tender, but by participating with companies that have expressed their willingness”.