OPEC could cut output more in November if needed: Algeria
Production reduced at present by around 700,000 barrels per day to a range of 32.5-33.0 million barrels per day
OPEC could cut production at its late November meeting in Vienna by another one percent more than the amount agreed in Algiers last month, if producers reckon it is needed, Algeria’s Energy Minister Nouredine Bouterfa has told local Ennahar TV.
He also told Ennahar that OPEC and non-OPEC members would hold an informal meeting in Istanbul Oct. 8-13 to discuss how to implement the Algiers deal, though he did not give details about who would attend.
OPEC producers agreed in Algiers in September to reduce output by around 700,000 barrels per day to a range of 32.5-33.0 million barrels per day, its first cut since 2008. OPEC estimates its current output at 33.24 million bpd.
“We will evaluate the market in Vienna by the end of November and if 700,000 barrels are not enough, we will go up. Now that OPEC is unified and speaks in one voice everything is much easier and if we need to cut by 1 percent, we will cut by 1 percent,” Bouterfa told Ennahar in an interview to be broadcast later on Thursday.
Algeria is one of OPEC’s price hawks and this was the first suggestion of a possible further decrease in output. Before the Algiers meeting Bouterfa had been pressing for a one million bpd OPEC production cut to stabilize prices.