Algeria, Venezuela pledge joint effort to stabilize oil prices

LSAHA (Platts)--18May2006

The presidents of Algeria and Venezuela agreed after talks in Algiers
this week to bolster joint cooperation within OPEC and work jointly towards
stabilizing oil prices on world markets.
A communique issued after talks between Venezuelan President Hugo Chavez
and Algerian leader Abdelaziz Bouteflika said the two leaders had "welcomed
existing cooperation between them in the hydrocarbons sector and agreed to
bolster their efforts within the Organization of the Petroleum Exporting
Countries with a view to stabilizing oil prices on the world market at a level
that will protect the purchasing power of producing nations and meet their
development needs."
The commuique, which was carried by official Algerian news agency APS,
said the two OPEC members also agreed during two days of talks with the
visiting Venezuelan delegation that as two "active members" within OPEC they
would intensify cooperation in all aspects of the industry, including
cooperation in gas matters.
"Algeria has much more experience in the gas sector than we do and we
could benefit enormously from the experience," Chavez said after his meeting
with Bouteflika.
Chavez, who is on a tour of Europe and North Africa, is scheduled to
visit Libya's Moammar Qadhafi in Tripoli before returning to Caracas, where he
is due to host the next OPEC meeting on June 1.

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