OPEC extraordinary meeting still may happen

Oil&Gas Materials 21 September 2016 14:56 (UTC +04:00)

Baku, Azerbaijan, Sept. 21

By Aygun Badalova – Trend

The option to hold an OPEC extraordinary meeting remains on table, International Oil Daily reported referring to Gulf OPEC delegate.

"It all depends on what will be agreed on in the Algeria meeting - on production, the market situation. Then it'll be clear whether there'll be an extraordinary meeting before the November conference or not," the delegate said.

OPEC Secretary General Mohammed Barkindo had earlier said an extraordinary meeting could happen if the Algeria talks produced a consensus.

The informal OPEC meeting is expected in late September in Algeria. It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.

The meeting will be held at the fringe of the International Energy Forum in Algiers from 26-28 September.

Algerian Energy Minister Noureddine Bouterfa earlier said that OPEC may turn its planned informal meeting in Algiers next week into a formal session as it seeks ways with other producers to cut crude supplies by one million barrels a day to re-balance markets and stabilize prices, Bloomberg reported.

“The question is at what level we would freeze or reduce output - we need to find the good compromise in order not to destabilize the market,” Bouterfa said. “It’s necessary at least to reduce by 1 million barrels a day to re-balance the market. Will we get there? We are working for that.”