What to expect from OPEC’s next unofficial meeting?
Baku, Azerbaijan, Oct.8
By Leman Zeynalova – Trend:
An unofficial OPEC meeting could thrash out some of the details of the proposed new quota system, according to the analysts of the UK Capital Economics consulting company.
“But we are sceptical that anything of substance will emerge,” analysts said in a report obtained by Trend.
Earlier, Algerian Energy Minister Nouredine Bouterfa said that OPEC and non-OPEC oil producers plan an informal meeting in Istanbul Oct. 8-13 to discuss how to implement a production deal OPEC members reached in Algiers last month.
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.