🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Algerian energy minister sees consensus on need to steady oil price - APS

Published 10/09/2016, 17:12
Updated 10/09/2016, 17:20
© Reuters. A worker walks past oil pipes at a refinery in Wuhan

By Lamine Chikhi

ALGIERS (Reuters) - Algeria's energy minister has said there is a consensus among OPEC and non-OPEC members about the need to stabilise the oil market to support prices, state news agency APS reported on Saturday.

Noureddine Bouterfa was speaking after meeting his Saudi counterpart Khalid al-Falih and OPEC Secretary-General Mohammed Barkindo in Paris late on Friday.

Bouterfa has travelled to Qatar, Iran and Russia this week to push for the oil price to be stabilised between $50 and $60, and said he was "confident" about the outcome of an OPEC meeting to be held in Algiers on Sept. 26-28.

Bouterfa said Algeria would submit a proposal to steady prices at the meeting. "Our discussions with our partners show that there is a consensus around the necessity of stabilising the market. That is already something positive," Bouterfa said.

"We are in contact with the members and the secretary-general of OPEC and that is part of this work of achieving a consensus and I am optimistic."

"There is support from Saudi Arabia, Qatar, Iran, Venezuela, Kuwait, and from non-OPEC countries, notably Russia."

Barkindo told APS, in remarks published later, that OPEC was not seeking a definite price range for oil but rather "sustainable stability" for the market.

Asked after the Friday meeting what reasonable price OPEC was targeting, he said: "This is not what we are seeking at the moment."

Algeria is hosting a meeting of the International Energy Forum alongside the OPEC meeting later this month, and Bouterfa said he had discussed both sessions with Falih and Barkindo in Paris.

Algeria is among the oil producers to have taken a heavy hit from the halving of oil prices over the past two years.

Moves towards clinching a global deal on stabilising crude output come five months after talks for such a deal failed when Saudi Arabia insisted Iran join the pact.

© Reuters. A worker walks past oil pipes at a refinery in Wuhan

Tehran says it supports any measures to stabilise the market, but has stopped short of indicating whether it would join a global deal before its production reaches 4 million barrels per day, the level at which it says it was pumping before the imposition of Western sanctions in 2012.

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.