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Saudi “veto” thwarts Algeria's Resistance to lift up OPEC Production

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Energy Minister, Youcef Yousfi

OPEC agreed to keep its production at 30 million barrels daily, but did not rule on the shares of each country, as usual, recognizing the existence of a surproduction at the range of 1.6 million barrels, which directly contributed to the decline in prices at about $ 30 per barrel during the last three months‭.

OPEC has maintained a lower level of the back line, by agreeing to hold an extraordinary meeting during upcoming days, at the invitation of the Iraqi head Abdelkarim Allaibi in case prices continued to collapse because of the lack of respect for senior producers of the production quotas, led by Saudi Arabia, which production exceeds10 million barrels per day isnce the begining of 2012, which is the highest level of Saudi Arabia since 30 years

Saudi Minister of‭ ‬Oil ‭ ‬ Saudi‬ Ali Nuaimi, said on Friday that Saudi Arabia is committed to‬ stability of oil supply, ‭and avoid any ‭shortage, adding that the policy of his country over the time was managingthe stability of oil market .‬

Algeria failed to convince members of OPEC to cut production or respect the quotas agreed in last December at least, despite the support extended to the proposal of Yousfi fromVenezuela and Iran, which is reviewing its production to its lowest level in 20 years, because of Western sanctions, but these countries ‭failed to curb ‭Saudi veto ‭within the organization, because Saudi Arabia is an important country in this field, ‭ that ‭have ‭‭a productivity power of ‬over‭ third of ‭ ‬OPEC production‭. ‬
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