Africa wants action over falling crude prices
05 April 2015, 09:58
Abidjan - African crude-exporting countries will lobby the world's oil producers to reduce output in order to boost prices that have fallen to levels that threaten to spark social unrest, the African Petroleum Producers Association (APPA) said.
Brent oil has crashed from 2014 peaks above $115 and US crude tumbled from above $107 in a selloff in oil, which began in June 2014. It accelerated in November after Saudi Arabia persuaded the broader group within the Organisation of the Petroleum Exporting Countries (Opec) to stick to its output and defend market share.
"The council expresses its deep concern faced with this situation of falling crude prices, which hurts the economies of members and non-members of Opec with the risk of social crisis if they continue," APPA spokesperson Ousmane Doukoure said.
Oil ministers from APPA, which represents 18 African oil producers, agreed at a meeting in Ivory Coast to establish a platform that would allow the association to carry on a dialogue with other producers on output levels.
"We will contact all other organisations, including Opec," said Libya's Oil Minister Mashala Said. "These unfair prices have an impact on the economies of African countries, and we are going to do what's needed to have our voice heard."