The Saudi Energy Minister,Khaled Al Faleh, was in Algiers for talks with his Algerian counterpart, Nouredine Bouterfa, on the Organization of the Petroleum Exporting Countries (OPEC) policy and agreeing there should be a new date for technical committee talks. The two ministers agreed to adhere to a September Algiers deal on an output cut, reported Reuters.
Al Faleh said: “in this period marked by unstable oil prices it is imperative to reach a consensus between OPEC nations and to agree on an effective mechanism and precise figures to activate the historic Algiers accord,” informed Al Arabiya.
In September, OPEC agreed at a meeting in Algeria on modest preliminary oil output cuts in the first such deal since 2008, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars and sanctions. However, Egypt Oil&Gas reported earlier that OPEC’s oil output would set another record high in October, as Nigerian and Libyan output partially has recovered from disruptions and Iraq has boosted exports. According to shipping data and information from industry sources, supply from OPEC had risen to 33.82mb/d in October from a revised 33.69mb/d in September.