The Algerian energy minister stated that non-OPEC nations need to help to stabilize international oil prices, reported Bloomberg.
Algeria is the largest member of OPEC by territory, and its government has faced significant financial hurdles as oil is currently trading at roughly half of a year ago.
IMF statistics relay that Algerian oil and gas production account for roughly 60% of the national budget revenues, and account for 95% of its exports.
“A supply reduction by OPEC alone cannot really guarantee a return to oil market stability,” Energy Minister Salah Khebri said at an event in Algiers, according to Liberte newspaper.
It was reported by numerous sources, including Reuters, that Khebri had called an emergency meeting of OPEC earlier this month to address the historically low oil prices.
Although member states Libya and Venezeula backed the request, OPEC heavy-weight Saudi Arabia rebuffed the call, and no meeting has been sanctioned until its regular December conference.