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Copenhagen climate deal was backward step - Algeria Minister

22 December 2009, Wall Street Journal
URL: http://online.wsj.com/article/BT-CO-20091221-712078.html

Luanda:   Algerian Oil Minister Chakib Khelil said Monday that the non-binding agreement struck at the United Nations-sponsored climate change summit in Copenhagen last week was "a backward move."

The minister criticized the deal because it doesn't include the transfer of emissions-reduction technologies from rich countries to developing ones. Although Algeria is rich in oil and gas reserves, the northern African nation supports efforts by some to aid its neighbors in fighting the effects of climate change.  "In the Kyoto Protocol, there were talks on the transfer of technology and finance to the developing countries, particularly African countries, while in this one, there were no talks about that," Khelil said.

The Algerian minister was speaking in Angola ahead of a meeting of the Organization of Petroleum Exporting Countries Tuesday at which the group will review its output policy.  Khelil said he doesn't expect OPEC will adjust its oil-production quotas at the meeting, but he does expect the group to press its members for greater compliance with existing output targets.  Oil prices will stay "between $70-$80" a barrel next year, he said, but "until the signs are clear that the economy is improving...we are going to see a lot of volatility." However, he added that "the long-term trend is towards [the oil price] increasing."

When asked about the gas market, Khelil said: "There is going to be a surplus [of gas] for a couple years...until the economy picks up; then we are going to see equilibrium in natural gas."

*  By Benoit Faucon and Hassan Hafidh, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@dowjones.com