OPEC, non-OPEC producers plan informal meeting in Istanbul to discuss Algiers deal: Algeria
ALGIERS - Reuters
OPEC and non-OPEC oil producers plan an informal meeting in Istanbul Oct. 8-13 to discuss how to implement a production deal OPEC members reached in Algiers last month, Algerian Energy Minister Nouredine Bouterfa has told local Ennahar TV.In an interview scheduled be broadcast on Oct. 6, Bouterfa said the Algiers deal to cut output would be in force for up to a year.
Oil prices rose about 7 percent in September, ending up a second straight month, after OPEC unveiled plans in Algiers to reduce output to between 32.5 million and 33 million barrels per day. Details are still being worked out among producers.
OPEC could cut production at its November meeting in Vienna by another one percent more than the amount agreed in Algiers last month, if producers evaluate it is needed, he noted.
“We will evaluate the market in Vienna by the end of November and if 700,000 barrels are not enough, we will go up. Now that OPEC is unified and speaks in one voice everything is much easier and if we need to cut by 1 percent, we will cut by 1 percent,” he added.
Oil prices rose about 7 percent in September, ending up a second straight month, after OPEC unveiled plans in Algiers to reduce output to between 32.5 million and 33 million barrels per day. Details are still being worked out among producers.
OPEC could cut production at its November meeting in Vienna by another one percent more than the amount agreed in Algiers last month, if producers evaluate it is needed, he noted.
“We will evaluate the market in Vienna by the end of November and if 700,000 barrels are not enough, we will go up. Now that OPEC is unified and speaks in one voice everything is much easier and if we need to cut by 1 percent, we will cut by 1 percent,” he added.
