Algeria Dismisses Concerns over Crude Prices

Source: Reuters 9/17/2014, Location: Africa

OPEC member Algeria believes current oil prices are not a matter for concern and will not have a "significant" impact on market fundamentals, Energy Minister Youcef Yousfi said.

Brent crude prices sank to a 26-month low this week on rising supplies and signs of slower demand growth in China and Europe, but prices rallied after OPEC said it could trim its 2015 output target.

"The current prices do not constitute a particular concern within oil circles," Yousfi told the official APS news agency late on Tuesday.

He said data indicated no significant imbalance between demand supply and blamed price fluctuations on currency rate trends and stock market operations.

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