KUNA : Algerian minister rules out Algeria to be affected by current financial crisis - Power & Materials - 05/10/2008

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Algerian minister rules out Algeria to be affected by current financial crisis

Power & Materials 10/5/2008 5:16:00 PM

ALGIERS, Oct 5 (KUNA) -- Algerian Minister of Energy and Mines and current Chairman of the Organization of Petroleum Exporting Countries (OPEC) Chakib Khalil ruled out on Sunday that the cartel would be affected by the current global financial crisis, at least in the short term.
Khalil said in a press statement on the sidelines of his visit to some power plants in the city of Wahran, which is located about 450 kilometers west of Algiers, that Algeria will be affected by the global financial crisis in the event it continued for two consecutive years, adding that he anticipates that the current crisis will not last more than a year.
The Algerian minister said his country could be affected in the medium term by the global financial crisis if oil prices fell significantly for a long time, pointing out that his country now has financial reserves estimated at USD 133 billion.
Meanwhile, Khalil attributed the drop in oil prices in the global market to speculation as well as to retreat of the performance of U.S. and European economies, pointing to the decline in global demand for oil by about three million barrels a day. (end) ft.tg KUNA 051716 Oct 08NNNN

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