Informal OPEC meeting, outcome of consultations initiated by Algeria

OPEC logo25 September 2016, Algiers — Informal OPEC meeting on Wednesday, in Algiers, is the result of a long process of consultations initiated by Algeria since early 2015, in a bid to reach a consensual agreement to stabilise oil market.

Organised on the sidelines of the 15th International Energy Forum (IEF) to be held Tuesday and Wednesday in Algiers, the meeting is meant to bring closer the views of OPEC (the Organization of Petroleum Exporting Countries) member countries to find a solution and support crude prices, with the hope of getting non-OPEC producers to adhere to a possible decision of rebalancing the market.

 Calling constantly for a cooperation approach favouring consultation and dialogue among the exporting countries, both OPEC members and non-members, Algeria has increased efforts to converge positions within the petroleum organisation and between the latter and other big producers, like Russia.

Those efforts are aimed at reaching a consensual agreement to freeze production in order to support the prices and address the offer surplus, which has attained spectacular levels.

  • Algerie Presse Service
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