APS : Thursday, 13 October 2016
ALGIERS- Algeria will chair the High-level Technical Committee of the Organization of the Petroleum Exporting Countries (OPEC), a reliable source told APS on Thursday.
The setting up of the High Level Technical Committee was decided at the OPEC extraordinary meeting held on 28 September in Algiers.
OPEC decided in this meeting to reduce oil output at a level between 32.5 bpd and 33 million bpd.
Primarily responsible for defining the production cut mechanisms in each member country of OPEC as part of the implementation of the decision taken by in Algiers, the Technical Committee will meet on 28 and 29 October in Vienna (Austria) and the outcomes of the work will be presented during the formal OPEC conference scheduled for November in Vienna.
“Non-OPEC member countries will join the Technical Committee on October 29 to coordinate their action and examine the best ways to balance and stabilize the (oil) markets,” said the same source.
Since OPEC decision to cut output, the price of Brent jumped to stand at $51 and even exceeded $53 last Monday in London