| OPEC could in the future take action to respond to the recent fall in oil prices, Algerian energy ministry official Ali Hached said in Paris Tuesday. "Collectively OPEC can respond to the excess supply that we have on the market," he said. Answering questions at the 19th Gas and Electricity Summit organized by Petrostrategies, Hached said "this situation is not new" and added that "we've already faced major fluctuations in oil prices" in the past.
He noted comments earlier in the meeting from Olivier Appert, head of the IFP Energies Nouvelles research institute. Appert had recalled the oil price falls of 1985/86, as well as the way that OPEC had reacted to the dramatic fall in prices in the immediate aftermath of the global financial crisis in 2008...............................................Full Article: Source
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