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The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammed Barkindo, monday said the group was committed to a deal made in Algiers in September to cut crude oil output.
Speaking with journalists at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016 in Abu Dhabi, Barkindo said with the cooperation of OPEC and non-OPEC, the oil market would rebalance in 2017.
“We as OPEC we remain committed to the Algiers accord that we… put together. All OPEC 14 we remain committed to the implementation,” Barkindo.
“We have no price objectives… inshallah (God willing) with the implementation of the Algiers accord and cooperation of the non-OPEC member countries, the rebalancing process will be brought forward in 2017,” Barkindo added.
OPEC officials met in Vienna last month to work out the details of the Algiers plan to reduce oil production, but failed to reach agreement.
The high level committee of experts will meet again in Vienna on November 25 and then meet at expert level with non-OPEC countries on November 28, Barkindo said.
OPEC ministers will meet on November 30.
“Russia is on board. I will not disclose details,” Barkindo added, when asked whether he expected the non-member country to take part in a cut or a freeze of production.
OPEC last month agreed to cut its oil output for the first time since 2008, with Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
How much each country will produce is to be decided at the next formal meeting of OPEC this month, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia.
However, Iran, Nigeria and Libya would be exempted from the output cut and allowed to produce “at maximum levels that make sense.”.”