Oil market is living in constant fluctuation and instability, Chakib Khalil, Minister of Energy and Mines said.

• “The rise in the prices of crude ($70 per barrel) doesn’t signal the beginning of the advancement of the global economy. The cause of this rise is the state of anarchy and chaos in the global market, which is caused by the speculators who buy large quantities of oil in order to store them, fearing the return of the high oil prices. The rise of the volume of the stored oil in the world reached 61 days of production, instead of 52 days. In order to put an end to such speculation and more control on the oil market I insist on the need to reduce production by the OPEC members to 4.2 million barrels in a manner that commensurate with the global demand, instead of 3.1 million barrels”, he says.
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• On the other hand Khelil revealed Saturday in Bouira, east of Algiers that his ministry starts the implementation of the program of research and exploration for hydrocarbons in several areas in the north of Algeria during the period to 2011, noting that the government has allocated financial envelop of $400 million as direct investments for the implementation of this program, which will include Tiaret, Saida, Beyed, west of Algeria, Djelfa and Laghouat, south , and Tebessa and Khenchla, east of Algeria, in addition to El Hodna oil field, and the coastal regions.