International energy experts call on Algeria to change strategy and Oman fresh member of the Gas Exporting Countries Forum.

Algerian Oil Minister, Youssef Yousfi stressed at a media encounter on the sidelines of the Gas Exporting Countries in Doha, Qatar, that the ministerial council, a body of the Gas association signed-off an Algerian proposal aimed at creating a Gas research institute based in Algeria. The institute is supposed to be supply members countries with technical information they need.

 On the other hand, international energy experts advised Algeria of reviewing its current energy strategy in order to preserve its strategic interests on the long term. The new vision would be that of investing in energy activities that are likely to have higher added value.

In this regard, the international energy consultant, Mr. Reda Rebbah told Echorouk that Algeria can compete with Qatari and Russian gas  if production costs are mastered in Algeria. In Qatar and Russia ‘’huge amounts of money were allocated to finance mega projects with the latest technology assets in order to cut production costs and Algeria needs to act alike’’ said Mr. Rebbah.

On oil prices, Algerian Minister Youssef Yousfi was clear on stabilizing the market. ‘’Crude at $100 to $110 a barrel is fair for producers and consumers,’’

Oil ministers from Iran, Nigeria and Algeria, which are all members of the Organization of Petroleum Exporting Countries, said yesterday markets aren’t over-supplied.

OPEC will meet in Vienna on Dec. 14 to decide how to respond to rising Libyan output. Libya will pump as much as 800,000 barrels a day by the end of the year, the chairman of state-run National Oil Corp., Nuri Berruien, said yesterday in Doha. The country produced 1.59 million barrels a day in January, before the revolt that toppled Muammar Qaddafi.

It is worth recalling that energy ministers of the Gas Exporting Countries Forum met on Sunday to prepare for a first summit of the 12-member group which is to discuss prices and coordination.

The GECF, whose members hold just under 70 percent of the world’s gas reserves, reviewed “the challenges facing the natural gas industry as well as effective cooperation among GECF members for developing a stable and transparent gas market,” said a statement released after the one-day meeting.

The members of GECF, which is considered OPEC’s counterpart in the gas sector, control over 70% of the world’s gas reserves and over 80% of LNG production.