Saudi oil min­is­ter: Opec pro­duc­tion cut ‘im­per­a­tive’

The Sun (Malaysia) - - SUNBIZ -

ALGIERS: Saudi Ara­bia’s oil min­is­ter said it was “im­per­a­tive” that Opec na­tions fi­nalise an agree­ment over a cut in oil pro­duc­tion aimed at boost­ing crude prices, Al­ge­rian me­dia said on Sun­day.

Khalid al-Falih met his Al­ge­rian coun­ter­part Noured­dine Boutarfa on Satur­day and called on car­tel mem­bers to stick to the sur­prise cut deal, reached in Algiers in Septem­ber.

The Septem­ber meet­ing of Opec mem­bers pro­duced an agree­ment to cut the car­tel’s out­put by 750,000 bar­rels per day (bpd), ac­cord­ing to Bloomberg News.

Oil rose on news of the deal, but crude prices are still more than 50% lower than their mid-2014 lev­els.

Falih said he was “op­ti­mistic” that the agree­ment would come into ef­fect.

The Saudi min­is­ter was quoted as say­ing that a “fair and bal­anced” out­put deal would al­low un­resthit Libya and Nige­ria, with a re­turn of se­cu­rity, to raise pro­duc­tion while reach­ing agree­ment with Iran on a freeze.

Falih and his Al­ge­rian coun­ter­part Boutarfa called for the date an Opec prepara­tory meet­ing of ex­perts ahead of the Vi­enna con­fer­ence to be brought for­ward to Nov 21 from its sched­uled date of Nov 25, APS re­ported.

Opec of­fi­cials said in Septem­ber that the group would aim for a com­bined out­put of 32.5-33 mil­lion bpd. – AFP

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