OPEC members will meet next week for talks on implementing an output cut deal, with Russia joining to discuss how producers from outside the group can participate in the plan, according to Venezuela’s oil minister.
Ministers from OPEC members Saudi Arabia, Algeria, Gabon, Qatar and the United Arab Emirates will attend the meeting in Istanbul, along with Alexander Novak from non-OPEC member Russia, Eulogio Del Pino said in a government statement.
OPEC is in the process of ironing out the details of the pact announced last week in Algiers that would trim output to a range of 32.5 million to 33 million barrels a day. The deal exempts Iran, which is emerging from international sanctions. Nigeria has also said it won’t have to comply and Libya is unlikely to be asked to because its oil production is a fraction of what it should be. The deal will be finalized when the group meets at the end of next month in Vienna.
Del Pino said in a statement a day earlier that an agreement between OPEC and non-OPEC states to limit oil production could slash global supply by 1.2 million barrels a day and add as much as $15 a barrel to prices.
Most of the oil ministers are scheduled to attend the 23rd World Energy Congress on October 13, in Istanbul. Algerian Energy Minister Noureddine Boutarfa said that they were planning to meet next week. (Prime/Business World Magazine)
