Baku, Azerbaijan, Oct.14
By Leman Zeynalova - Trend:
Five members of OPEC and two non-OPEC countries held “constructive” informal consultations on the sidelines of the 23rd World Energy Congress (WEC), said OPEC’s website.
Oil and Energy Ministers from OPEC member countries Algeria, Gabon, Qatar, the United Arab Emirates (UAE) and Venezuela, were joined in the talks by Russian energy minister and Mexican deputy energy minister.
OPEC conference president, Qatar’s Minister of Energy and Industry Mohammed Bin Saleh Al-Sada said after the talks that participants had agreed to invite key non-OPEC countries to participate in the high-level committee set-up by the Algiers accord.
In September, OPEC producers agreed during the informal meeting in Algiers to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.
Russia’s Energy Minister Alexander Novak stated after the meeting that it has been constructive and instrumental to moving the process forward.
Meanwhile, Al-Sada told reporters that a high-level committee created under the Algiers accord to study the finer details of the agreement is scheduled to hold a technical experts meeting on Oct. 28-29 in Vienna, Austria.
He explained that the first day of this meeting will be dedicated to discussions among the OPEC member countries, while the second day will be set aside for deliberations between OPEC and non-OPEC representatives.
Novak noted that the forthcoming High-Level Committee Meeting to which he stated that Russia will participate will advance the implementation of the Algiers Accord which was welcomed by non-OPEC countries.