Algeria says all options 'possible' for Algiers OPEC gathering

Algeria says all options 'possible' for Algiers OPEC gathering

All options are possible for OPEC concerning a cut or freeze of output with oil producers agreed on the need to stabilize the market, Algerian Energy Minister Noureddine Bouterfa said on Sunday.

ALGIERS: All options are possible for OPEC concerning an output cut or freeze with producers agreed on the need to stabilize the market, Algerian Energy Minister Noureddine Bouterfa said on Sunday (Sep 25).

Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum in Algeria from Sept. 26-28, where they will discuss a possible output-limiting deal.

"We will not come out of the meeting empty-handed," Bouterfa told reporters in Algiers.

Bouterfa repeated his remarks that the informal gathering in Algiers could become a formal OPEC meeting. The group is scheduled to hold its next formal meeting at the end of November.

Before the Algiers meeting, Saudi Arabia and Iran have already sent conciliatory signals that they want to work together, along with Russia which is involved in talks although not a member of OPEC.

Last week Bouterfa suggested one million barrels per day should be removed from global supply.

OPEC last reduced supply in 2008 when the global economic crisis crippled demand.

But an attempt at an output freeze deal between OPEC and Russia collapsed earlier this year after the Saudis said Iran needed to contribute as production recovered following the end to Western sanctions in January.

Source: Reuters/sk

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