KUWAIT-Algeria is in favour of extending for three or four additional months the agreement between the Organization of Petroleum Exporting Countries (OPEC) and Non-OPEC countries to cut output, with a view to better stabilizing markets, Energy Minister Noureddine Boutarfa stressed Saturday evening in Kuwait
In a statement on the eve of the 2nd meeting of the ministerial monitoring committee of the OPEC-Non OPEC agreements, Boutarfa said the committee would examine the extension of this agreement.
According to the same official, Algeria is favour of extending the agreement for three or four additional months. This is an optimal duration.
During the meeting held in December 2016 in Vienna, 11 Non-OPEC producing countries committed to cooperating with OPEC member countries to cut output to 1.8 million barrels per day as of 1 January 2017 for a period of 6 renewable months.
The Energy Minister stated the meeting of the ministerial monitoring committee on Sunday would focus on assessment of the implementation of the aforementioned agreement, the development of oil markets and prices, and situation of stocks, including floating ones.
Algeria has fully met its commitments to reduce oil production within the framework of the Vienna agreement. Algeria, which committed to reduce output to 50,000 barrels per day, is “a model” in terms of fulfilment of commitments, Boutarfa recalled.
“We want to be exemplary,” in the implementation of the OPEC non-OPEC agreement, signed on 10 December 2016, he said.
The joint ministerial monitoring committee in charge of ensuring the implementation of the Vienna agreement is made up of Algeria, Kuwait, Venezuela, Russia and the Sultanate of Oman.
Boutarfa stressed the reduction levels reached 100% for OPEC producers and 40% for Non-OPEC countries which committed to progressively decrease outputs as from April.
The Energy Minister called very serious the implementation of the agreement by all countries, including Iraq.
Besides, Boutarfa held talks in Kuwait with his counterparts from Kuwait, Venezuela and Russia, respectively Essam al-Marzouk, Nelson Martinez and Alexander Novak, said the Ministry in a communiqué.
During these meetings, officials broached changes in the oil parameters, the global demand and monitoring mechanisms enabling the implementation of production output to stabilize the sector and the economy, stressed the same source.