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Algeria says OPEC faces risk from oil price slide

ALGIERS | Wed Jun 13, 2012 9:26am EDT

ALGIERS (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) will face a real risk because of a slide in crude oil prices caused by the group exceeding its production ceiling, Algerian Energy and Mines Minister Youcef Yousfi was quoted as saying on Wednesday.

"I hope there will be an awareness of the negative effect (of increased oil production) on prices, particularly in recent weeks, and thus OPEC faces a real risk," Algeria's official APS news agency quoted him as saying in Vienna ahead of an OPEC meeting.

"We are witnessing today an increased rate of production by the organization. Figures are between 31.8 to 32 million bpd. Clearly, we have a surplus of between 1.8 and 2 bpd. It is fatal on prices."

Yousfi said the global oil market was "unbalanced" and the falling prices would be discussed at Thursday's OPEC meeting.

"In recent weeks there is more supply than demand," he said.

"The question (of falling prices) will be seriously discussed Thursday at the ministerial meeting of the organization. I hope there will be a consensus to stop the decline in oil prices," he said.

(Reporting by Hamid Ould Ahmed; editing by Jason Neely)
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