Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

OPEC secretary-general says may call extra meeting if consensus at Algiers: APS

Published 09/18/2016, 11:46 AM
© Reuters. OPEC logo is pictured at its headquarters in Vienna

By Hamid Ould Ahmed

ALGIERS (Reuters) - OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus at an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria, the country's state news agency APS reported on Sunday.

Barkindo said he was optimistic about the meeting in Algeria on Sept. 26-28. He has previously said discussions in Algiers will be consultations and no major decisions will be made during talks with OPEC and non-OPEC producers.

"The informal gathering was proposed as a move to having an extraordinary meeting with the aim of taking decisions to stabilize the market," Barkindo said.

Algeria's Energy Minister Noureddine Bouterfa last week said there was a consensus among OPEC and non-OPEC members about the need to stabilize the oil market, and has been pushing for a price around $50 to $60 a barrel.

"Algeria has a proposal for participants in the Algiers meeting. Consultations with our partners show there is a consensus around the need to stabilize the market. That is already a positive," Bouterfa said.

The secretary-general of the Organization of the Petroleum Exporting Countries has said the group is not seeking a definite price range for oil but stability for the market.

Russia, Iran and other major oil producers are due to take part in the Algiers meeting.

Several OPEC producers have called for an output freeze to rein in an oil glut that triggered a price collapse in the last two years, hitting the revenues of major producers.

Saudi Arabia and non-OPEC member Russia agreed this month to cooperate in oil markets, saying they could limit future output.

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

(This version of the story changes the source of second quote to minister)

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.