Algeria agrees with Iran’s proposal to OPEC

TEHRAN,June 10(MNA) - Algerian Oil Minister Youcef Yousfi adopted the same stance with Iran, calling for maintaining the current output ceiling of the Organization of Petroleum Exporting Countries. Iran’s Oil Minister Rostam Qasemi had previously called OPEC to curb production ahead of the 161th meeting of the organization in Vienna on June 14. The economic slowdown in Europe because of the debt crisis may curb oil demand, and OPEC will address the situation at a meeting next week in Vienna, said Yousfi, according to Bloomberg. The 12-member group pump about 40 percent of the world’s crude. Yousfi added that the OPEC member states are "worried about the deterioration of the market." "I hope we will find a consensus to correct this situation if it is confirmed the ceiling of 30 million barrels a day was breached," he said about the meeting on June 14. In recent months, OPEC members have boosted output by one million to two million barrels a day above the group's ceiling of 30 million barrels a day.