Gas OPEC Boosting Output Sends Prices Lower for Worst Commodity
April 19 (Bloomberg) -- Algeria, Africa’s biggest exporter of natural gas, is getting no help from Russia and Qatar in curbing production to increase prices in this year’s worst-performing energy commodity.
April 19 (Bloomberg) -- Algeria, Africa’s biggest exporter of natural gas, is getting no help from Russia and Qatar in curbing production to increase prices in this year’s worst-performing energy commodity.Chakib Khelil, Algeria’s energy minister, plans to seek commitments from 11 gas exporting nations to reduce output and end a glut that’s caused U.S. prices to fall 28 percent since December. Russia, holder of the world’s largest reserves, said it doesn’t intend to cut supply, and Qatar, with the third- largest reserves, is opening new export facilities.
“The producers are living in a fantasy world if they think that they can influence prices by cutting production,” because it won’t be enforceable, John Fahy, managing director of energy consultant Eras Ltd. in London, said in a telephone interview.