Algerian Minister for Energy Youcef Yousfi said on national television that the OPEC needed to hold an urgent session before June 2015 to discuss falling oil prices and reconsider decisions made in November. In his words, OPEC states should reduce oil extraction by 2 million barrels a day, TASS reports.OPEC states extract about 40% of world oil. The extraction rate was left at 30 million barrels a day on November 27. Brent oil has dropped in price by 15% since then.
Algerian Minister for Energy Youcef Yousfi said on national television that the OPEC needed to hold an urgent session before June 2015 to discuss falling oil prices and reconsider decisions made in November. In his words, OPEC states should reduce oil extraction by 2 million barrels a day, TASS reports.
OPEC states extract about 40% of world oil. The extraction rate was left at 30 million barrels a day on November 27. Brent oil has dropped in price by 15% since then.
