Algeria urges OPEC members to continue oil output cut efforts

APS : Thursday, 19 October 2017
WASHINGTON (United States)- The CEO of national oil group SONATRACH, Abdelmoumen Ould Kaddour, called Wednesday in London to continue the efforts of OPEC (the Organization of Petroleum Exporting Countries) to reduce oil production to support the prices.
“It is both desirable and likely to extend” the agreement on production cut, Ould kaddour told US daily Wall Street Journal, on the sidelines Oil and Money Conference.
The chief executive officer of Sonatrach said “OPEC are likely to agree on an extending (the agreement) for six months, until September 2018,” during the next meeting on November 30 in Vienna.
The 14-member OPEC and other non-OPEC producers, like Russia, agreed on an output cut by 1.8 million barrels a day until March 2018 to stabilize the market.
The agreement has started to bear fruit and the main signatories seem to be ready to extend it, according to statements made by officials from the concerned countries.
Algeria, Iran and Venezuela, three members of the Organization of Petroleum Exporting Countries, have called for carrying such efforts.

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