Oil: Producers, consumers to meet at 15th IEF of Algiers

APS : Monday, 26 September 2016
ALGIERS- The International Energy Forum (15th IEF), scheduled on Tuesday and Wednesday, will put to the test the effectiveness of a producer-consumer dialogue in an oil market marked by upheavals since the last IEF held in 2014 in Moscow.
So, it is not fortuitous that this forum, on the sidelines of which an informal meeting of the Organization of the Petroleum Exporting Countries (OPEC) will be held, will focus on the theme “global energy transition: A strengthened role for the energy dialogue.”
Several experts agree that a constructive dialogue between the producer countries themselves and between these latter and the consumer countries constitute, through this forum, an opportunity to hold talks on energy issues.
According to the International Energy Agency (IEA), the global oil supply and demand follows two contradictory curves.
While the global oil demand should increase less than expected, i.e. 1.3 million barrels/day in 2016 (against initial forecasts of an increase of 1.4 million barrels/day) to reach 96.3 million barrels /day in 2016, the global supply is expected to grow at a faster pace in 2016, with a less marked decline than expected in the production of the non-OPEC countries.
OPEC : Algeria is ready to get down to reconciliation of viewpoints
For the OPEC’s informal meeting, Algeria, which is making efforts, since the beginning of 2015, to bring the viewpoints between the member countries closer, promises that it will culminate in “positive” results.
“All the countries of OPEC agree to stabilize. We should nevertheless find the formula accepted by every part,” said Sunday Minister of Energy Noureddine Boutarfa in a press conference.
According to the minister, Russia, Saudi Arabia and Iran are all in favour of a freeze in oil production.
“The informal meeting of OPEC in Algiers will not be a failure: If we reach an agreement, it is good, if we come up with elements of an agreement, it is also good,” said Boutarfa.

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