Boutarfa, Iranian counterpart "confident" in OPEC meeting outcome

APS : Sunday, 27 November 2016
ALGIERS – Energy Minister Noureddine Boutarfa and Iranian counterpart Bijan Namdar Zanganeh voiced their “confidence” in the outcome of OPEC meeting planned next Wednesday in Vienna, said the ministry in a communiqué.
Following their Saturday’s meeting in Teheran, Boutarfa and Zanganeh said that they have had “very positive” discussion and welcomed the “good conditions” in which the meeting took place.
The “meeting (with Zanganeh) has been very positive and useful,” said Boutarfa.
The two ministers “also showed confidence in the outcome of the OPEC conference which is set to be held on Nov. 30th in Vienna,” said the communiqué.
Thus, Boutarfa said: “We are confident that we will reach a just and balanced agreement in the coming OPEC meeting.”
He also told the press that “reaching a just agreement is necessary to continually stabilize the oil markets.”
A good deal would help “stabilize the market and the prices at a level between $50 and $55,” he said, adding that the prices “could reach $60 by the end of the year.”
To a question on the impacts of Vienna meeting possible failure, Boutarfa “warned against the fact that oil prices might fall below $ 40.”
The Algerian proposal which will be submitted to OPEC meeting on Wednesday following the Expert Committee approval consists on «the reduction of 1.1 million barrels per day by the OPEC member countries.”
Moreover, Boutarfa called the OPEC non-member countries to “contribute to OPEC effort by decreasing their output by nearly 600,000 barrels per day.”
As for him, Zanganeh told the press following his meeting with Boutarfa: “we are confident and we will continue to work to reach a deal on Nov. 30.”

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