Saudi Oil Minister says OPEC production cut ‘imperative’
Meets Algerian counterpart and calls on members to stick to the surprise cut deal
Saudi Arabia’s oil minister said it was “imperative” that OPEC nations finalize an agreement over a cut in oil production aimed at boosting crude prices, Algerian media said Sunday.
Khaled al-Faleh met his Algerian counterpart on Saturday and called on cartel members to stick to the surprise cut deal, reached in Algiers in September.
“In this period marked by unstable oil prices it is imperative to reach a consensus between OPEC nations and to agree on an effective mechanism and precise figures to activate the historic Algiers accord,” al-Faleh was quoted as saying by Algeria’s APS news agency.
The September meeting of OPEC members produced an agreement to cut the cartel’s output by 750,000 barrels per day, according to Bloomberg News.
Oil rose on news of the deal, but crude prices are still more than 50 percent lower than their mid-2014 levels.
Vienna meet
The accord still needs finalizing by November 30, when OPEC nations will meet in Vienna.
Faleh said he was “optimistic” that the agreement would come into effect.
OPEC officials said in September that the group would aim for a combined output of 32.5-33 million barrels per day.
Also Read
-
Saudi, Kuwait keep Oct crude output steady
Gulf OPEC members Saudi Arabia and Kuwait have kept their oil production steady in October compared to the month before Energy -
OPEC sees negative consequences if Algiers accord not implemented
Failure to implement a deal agreed in Algiers in September to cut oil output would bring negative consequences, OPEC secretary-general said Energy -
Oil prices bounce as OPEC promises a cut is on the cards
Barkindo says major non-OPEC exporter Russia is 'on board' with the cartel’s agreement to limit production Energy -
Did Saudi threat to pump up supply, bring Iran to OPEC negotiating table?
For the past two years Kingdom and Tehran were not seeing eye to eye on oil policy issues Energy
