OPEC AND OIL PRICES

African Exporters to Form New Oil Grouping 

Meeting in Algiers on 24-25 February, Oil Ministers of Africa's four OPEC member states - Algeria, Nigeria, Libya and Gabon - agreed to set up an African Hydrocarbon Association, while stressing that this Association was not intended to "duplicate or be in conflict with any organization to which members belong." The proposed Association will also be open to membership of other African net exporters of oil.

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