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Algeria to support Saudi-Russian initiative to freeze oil production

Xinhua, March 10, 2016 Adjust font size:

Algerian Energy Minister, Salah Khebri, on Wednesday said his country fully supports the initiative of Russia and Saudi Arabia to freeze their oil outputs in a bid to push up the prices.

"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 for 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, four major oil producers, namely 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.

The initiative in addition to the global growth recovery contributed to improving oil prices in recent days, which exceeded the threshold of 40 U.S. dollars per barrel for the first time in the past two months. Endit