OPEC may call extra meeting if consensus at Algiers: APS

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 yesterday. 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 nonOPEC members about the need to stabilise 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,” Barkindo 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 nonOPEC member Russia agreed this month to cooperate in oil markets, saying they could limit future output. — Reuters