Opec production cut imperative, says Saudi
November 13 2016 10:32 PM
OPEC
OPEC

AGENCY

A general view of the Organisation of Petroleum Exporting Countries’ headquarters in Vienna. 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 yesterday.  Khalid al-Falih met his Algerian counterpart Noureddine Boutarfa on Saturday and called on group members to stick to the cut deal reached in Algiers in September. “In this period marked by unstable oil prices it is imperative to reach a consensus between Opec nations and to agree on an effective mechanism and precise figures to activate the historic Algiers accord,” al-Falih was quoted as
saying by Algeria’s APS news agency.  The September meeting of Opec members produced an agreement to cut the group’s output by 750,000 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. Al-Falih said he was “optimistic” that the agreement would come into effect.



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