Algeria, Saudi Arabia “very optimistic” ahead of OPEC meeting in Vienna


APS : Sunday, 13 November 2016

ALGIERS- Minister of Energy Noureddine Boutarfa and his Saudi counterpart Khalid A. Al-Falih expressed their optimism for the conclusion of an agreement during OPEC meeting in Vienna, to give effect to Algiers agreement, said Sunday Energy Ministry in a communiqué.
Boutarfa received on Saturday in Algiers Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
During the meeting, they discussed the evolution of the oil markets and the prospects of the application of Algiers historical agreement reached last September 28th.
The agreement reached by the OPEC members provides for the reduction of production to a level ranging between 32.5 and 33 million barrels per day.
The two ministers “showed their extreme optimism with the possibility of fining a just, balanced and fair agreement in the coming meeting of OPEC planned for 30 November in Vienna, which would give effect to Algiers Agreement,” said the communiqué.
In this regard, Boutarfa said that Algiers Agreement is being applied and the preparations for the OPEC meeting are taking place is “constructive and cooperative.” spirit.
“I am optimistic. We will hopefully reach a collective agreement in Vienna, which would implement Algiers decision and which would demonstrate that OPEC is still an active organization for the stabilization of markets,” said Boutarfa, quoted by the ministry communiqué.
The Saudi minister, as for him, “reminded how the Algiers agreement has transformed the oil markets and improved the relations among the OPEC member countries to help converge views and reach an agreement which application is necessary today,” said the communiqué.

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