Boutarfa: OPEC, other producing countries optimistic with implementation of Algiers Agreement

APS : Saturday, 19 November 2016
DOHA – Energy Minister Noureddine Boutarfa expressed satisfaction with the outcomes of the consultative meeting which brought together on Friday the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and the non-member countries.
He said that he was, like all the participants, optimistic with giving effect to Algiers agreement on production cut in OPEC meeting in Vienna on Nov. 30.
In a statement to the press on the sidelines of the meeting, Energy minister said that the ” 11 OPEC member countries on Friday agreed to support and implement Algiers agreement, which provides for reducing the production to 32.5 million barrels per day.”
He added that Doha meeting aimed at preparing Vienna meeting.
“We have discusses the modalities of collaboration in order to ensure the success of the meeting of Vienna. So, we held an in camera meeting to prepare this meeting and the experts meeting, which should precede it. We also agreed on the possible cut of output to 32.5 million barrels per day,” said Boutarfa.
The meeting allowed OPEC member countries to agree with Russia, a non-member country, to “work in coordination until late November to process data and information so to reach a good decision in Vienna.”
Algiers historical agreement which was concluded at OPEC extraordinary meeting last 28 September provides for decreasing the production to a level between 32.5 and 33 million barrels per days to restore the stability in oil market.

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