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OPEC May Hold Extraordinary Meeting Before November

oil

By Reuters 2016-09-19 20:05:58

Any extraordinary OPEC meeting may happen before November and the possibility of freezing output will be discussed at an informal meeting of oil producers in Algiers next week, Algeria's energy minister said on Monday.

Energy Minister Noureddine Bouterfa told Algerian state television an OPEC move to freeze output would help balance oil markets for at least six months. OPEC and non-OPEC producers including Russia will meet in Algiers next week.

"If we reach an agreement to hold an extraordinary meeting, it will take place before November," the minister said.

"My trips showed that most OPEC members support a freeze in production."

Bouterfa has traveled to Qatar, Iran and Russia to push for the oil price to be stabilized between $50 and $60, and said he was "confident" about the outcome of an OPEC meeting to be held in Algiers on Sept. 26-28.

During a visit to Algiers at the weekend, OPEC Secretary General Mohammed Barkindo said an extraordinary meeting could happen if there is consensus. He has also said the Algiers meeting was for consultations and not decisions.