Algiers, (IINA) - Algerian Energy Minister Salah Khebri stated on Wednesday that his country fully supports the initiative of Russia and Saudi Arabia to freeze their oil outputs in a bid to push up the prices, Xinhua reported.
“Algeria supports all the decisions in stabilizing the oil market”, Khebri told reporters at the opening of the 6th International Fair of Oil Equipment and Services.
Freezing production is the first step as it enables the world’s two biggest producers to sit on the same table and discuss the interests of the oil-producing countries, he said. Khebri also confirmed the participation of Algeria in the forthcoming meeting of the OPEC members.
Amid record drops in oil prices, Saudi Arabia, Russia, Qatar and Venezuela have decided to freeze their productions, while calling on other producing countries to join their initiative to hike the prices.
According to Russian Business Channel, Russian Oil Minister Alexander Novak said that a total of up to 15 oil producing countries, which provide 73 percent of the world's oil, were prepared to freeze their oil production
The initiative in addition to the global growth recovery contributed to improving oil prices in recent days, which exceeded the threshold of $40 per barrel for the first time in two months.
AG/IINA
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