NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

OPEC chief: Algiers meeting not for 'decision making' - Algerian state media

Published 17/09/2016, 20:47
© Reuters. OPEC logo is pictured at its headquarters in Vienna

ALGIERS (Reuters) - OPEC Secretary-General Mohammed Barkindo said the meeting of OPEC members and non-OPEC producers in Algiers this month would be an informal meeting for consultations and not for decision making, Algerian state news agency APS said on Saturday.

Algeria's energy minister has said there is a consensus among OPEC and non-OPEC producers about the need to stabilise the oil market to support prices.

"It will be an informal meeting, it is not a meeting for making decisions," Barkindo said during a visit to Algiers, according to APS agency, referring to an energy conference between Sept. 26 and Sept. 28.

"We met in June, it is September now and a lot of things happened between the two dates," he said.

His comments appeared to play down suggestions of a major decision at the Algiers meeting where Russia, Iran and other major oil producers were due to meet on the sidelines.

Saudi Arabia and Russia agreed this month to cooperate in oil markets, saying they could limit future output. That pushed up prices on the view in markets that the two top oil producers would be working together to tackle oversupply.

Several OPEC producers have called for an output freeze to rein in the glut, which arose as supplies from high-cost producers such as the United States soared. A price collapse in the last two years has hit the revenues of major producers.

OPEC's de facto leader, Saudi Arabia, has also signalled willingness to cooperate as it faces such pressures.

© Reuters. OPEC logo is pictured at its headquarters in Vienna

But any deal between OPEC and non-OPEC producer Russia would be the first in 15 years. Moscow agreed to cut output in tandem with OPEC at the turn of the millennium, although Russia never followed through on that promise.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.