Oil minister says OPEC production cut 'imperative'
Saudi Arabian oil minister has said it has become important for OPEC to finalise talks on cut in oil production.
Saudi Energy Minister Khaled al-Faleh attends the 15th International Energy Forum in Algiers on the eve of an informal OPEC meeting on September 27, 2016
Recommended articles
Khaled al-Faleh met his Algerian counterpart on Saturday and called on cartel members to stick to the surprise 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," Faleh was quoted as saying by Algeria's APS news agency.
The September meeting of OPEC members produced an agreement to cut the cartel's output by 750,000 barrels per day, according to Bloomberg News.
ADVERTISEMENT
Oil rose on news of the deal, but crude prices are still more than 50 percent lower than their mid-2014 levels.
The accord still needs finalising by November 30, when OPEC nations will meet in Vienna.
Faleh said he was "optimistic" that the agreement would come into effect.
OPEC officials said in September that the group would aim for a combined output of 32.5-33 million barrels per day.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
FG seeks German government cooperation to reform Nigeria Police
Petrol price stands at ₦696.79 in March – Report
Iran threatens to trigger powerful missiles should Israel attack its nuke sites
Diesel price stands at ₦1341.16 in March 2024 – Report
FCCPC seals 4U supermarket in Abuja for concealing price information
This is alarming - Army concerned over number of unauthorised weapons in circulation
Woman who was afraid of recent solar eclipse dies after stabbing boyfriend
3 years after he was declared dead, German-American billionaire found in Russia
Court rejects Secondus, Omehia, Opara's plea, upholds restraining order
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT
