Plummeting Oil Prices not a Matter of Concern

Source: Algeria Times 9/18/2014, Location: Africa

Minister of Energy Youcef Yousfi said Tuesday that oil prices, which have been sharply falling since June, "are not a matter of special concern" to producing countries.

According to the minister, current prices fluctuation is due to the movement in exchange rate and usual stock exchange transactions.

The developments of the oil market are followed "with attention," adding that "the available data show that there is no particular tension in the market, nor a significant imbalance between offer and demand."

The Sahara Blend, Algerian reference crude oil, dropped by about six dollars in August to 100.86 dollars, against 106.74 dollars in July, as a result of abundance in oil offer and a fall in demand, according to the figures the Organization of Oil Exporting Countries (OPEC) released Wednesday.

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