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Algeria likely to increase oil outputs to maintain revenues: official

Xinhua, January 22, 2015 Adjust font size:

Algeria's Energy Minister Youcef Yousfi on Thursday said his country is likely to increase oil outputs amid plunging prices to maintain its revenues.

"Today we are accelerating the development of dozens of deposits. We are considering the option to increase our oil production to raise the country's revenues," Yousfi was quoted as saying by APS news agency.

The oil-rich nation produces around 1.2 million barrels per day in accordance with the quota level set by the Organization of Petroleum Exporting Countries (OPEC) for Algeria.

Yousfi specified that the option is decided by the need to maintain hard currency revenues which have been affected by the crude price decline in global markets.

"We do not know how long this crisis would last... the country needs to finance its economic development without resorting to international debt," he said.

However, Yousfi's latest statement is controversial to his previous remarks that the current falling oil prices were resulted by excessive outputs of both OPEC and non-OPEC members, and Algeria has been urging to cut oil outputs in order to push the prices up again. Endit