Baku, Azerbaijan Oct.10
By Leman Zeynalova – Trend:
A global production deal to limit oil supplies could be reached by OPEC’s meeting in Vienna, Austria Nov.30, according to Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
Al-Falih made the remarks during the 23rd World Energy Congress which kicked off in Turkey’s Istanbul city Oct.9.
"OPEC needs to make sure we don't crimp too tightly and create a shock to the market. We are going to be very responsible," Reuters quoted Falih as saying.
"Prices have dropped too low and that has impacted investment. Many companies and countries are hurting. We don't want to give the market the wrong signal and shock the market's prices," he said.
In September, OPEC producers agreed during the informal meeting to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC in November.
The 23rd World Energy Congress kicked off in Turkey’s Istanbul city Oct.9 and will last till Oct.13.
Running since 1924, the triennial World Energy Congress is the World Energy Council’s global flagship event that enables dialogue among ministers, CEOs and industry experts on critical developments in the energy sector.
As the world’s premier energy gathering, the Congress offers a unique opportunity for participants to better understand energy issues and solutions from a global perspective.