Algeria and other OPEC members are expected to push for a production freeze during an OPEC informal meeting scheduled for late September in Algiers, The North Africa Post reported.
The President of the Organization of Petroleum Exporting Countries (OPEC), Mohamed bin Saleh al-Sada, said that “though Algeria will witness an informal meeting for OPEC countries, it might also host an informal meeting with Russia to figure out its readiness along with other producers to seal a new deal to freeze oil output,” informed Asharq Al-Awsat.
Despite absence of current talks regarding oil output freeze, news reports pushed traders to carry out new activities. As a result, prices witnessed a slight increase. Yet, observers are not optimistic about a price recovery in 2017, with a prediction that Iran, Iraq, Nigeria, and Libya will be back to higher production levels, which could see OPEC production exceeding 34mb/d.
OPEC has lined up an informal meeting on the sidelines of the International Energy Forum in Algeria in late September as oil exporters struggle with the repercussions of a renewed plunge in crude prices.