OPEC: Algeria voices willingness to continue production cuts

  • 19 October 2017 / News / 395 / Emerging Africa


OPEC: Algeria voices willingness to continue production cuts

Algeria called OPEC to prolong its production cuts, Sonatrach Chief Executive Abdelmoumen Ould Kaddour told The Wall Street Journal on the sidelines of the Oil and Money conference in London.

 

“I think it is desirable and probable to conduct an extension,” the official pointed out.

Algeria has joined a list of members of the Organization of the Petroleum Exporting Countries who are in favor of this step, including Iran and Venezuela.

In this aspect, Saudi Arabia expressed willingness to keep production low to support oil prices. Plus, Russia—which is leading a coalition of non-OPEC producers—has said it is open to continued output cuts.

OPEC—the 14-nation cartel that controls about 40% of global crude-oil production—and 10 other producers agreed last December to withhold almost 2% of global output from the market. The move was intended to reduce an oversupply of crude that has halved oil prices from their high of $114 a barrel in 2014.

Mr. Kaddour said OPEC would likely agree on a six-month extension through September 2018.


source: dzbreaking

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