OPEC: Saudi Energy minister calls to activate Algiers’ agreement in Vienna meeting

APS : Sunday, 13 November 2016
ALGIERS- Saudi Minister of Energy, Industry and Mineral resources Khalid bin Abdulaziz Al-Faleh called, in Algiers, the members of the Organization of the Petroleum Exporting Countries (OPEC) to reach a consensus to activate the historic agreement of Algiers which plans to reduce OPEC’s production to a level varying between 32.5 and 33 million barrels per day.
“In this situation marked by a disruption in oil markets, it is imperative to reach a consensus among OPEC’s countries and to agree on an effective mechanism and accurate figures to activate the historic agreement of Algiers concluded at the end of September in the OPEC’s extraordinary meeting,” said Khalid bin Abdulaziz Al-Faleh following his talks Saturday with Minister of Energy Noureddine Bouterfa as part of a meeting of consultations.
The Saudi minister expressed his optimism on the evolution of oil market, underlining that the members of OPEC should reach a fair and balanced agreement, enabling Libya and Nigeria to increase their production after the return to security stability, with a freeze in the production to an agreed threshold for Iran.
“I am optimistic,” he said, underlining that Algeria will manage to help all the countries to reach this understanding. We are on the right path. Vienna meeting will be successful.”
He welcomed Algiers’ agreement that he described as a “turning point” in the oil markets and also the relations within the OPEC and between the organization’s countries and other oil producing countries.

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