Russia lied to us: Chakib Khelil

The continuation of the global financial crisis and the lack of commitment and discipline of the Member States of the organization through rejecting the decision to reduce their production contributed to the deterioration of oil prices, Chakib Khelil, Minister of Energy and Mines and current Chairman of the OPEC told Echorouk.

• “I think the prices of oil are good compared to the decline of demand with the large number of offer in the world oil markets”.
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• “The biggest challenge that is still facing the OPEC is the lack of commitment by the member states through neglecting the decision to reduce the production by 2.2 million barrels per day”.
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• The decision to reduce oil production was agreed during the last conference of the OPEC on December 17 in Oran.
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• Chakib Khelil said the OPEC is seeking to oblige the member states to apply the decision during the next conference which will be held next May 28.
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• He also spoke about Russia which broke its promise, according to him, and refused to reduce its oil production in the world market, “Russia lied to us”.
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• Previously, Russia pledged to reduce its oil production by 320.000 barrels per day, during Oran conference, in order to reduce the decline of the oil prices in the world market.