Algeria to Meet with OPEC Secretary General to Push for Output Freeze Deal

Algeria’s energy minister will meet his Saudi counterpart and OPEC’s secretary-general in Paris on Friday as part of moves towards clinching a global deal on stabilizing crude output to support oil prices, an Algerian official and OPEC sources said.

Algeria will host the informal meeting with Saudi Energy Minister Khalid al-Falih and OPEC’s Mohammed Barkindo, said the Algerian official, who asked not to be identified.

A source at the Organization of the Petroleum Exporting Countries confirmed the meeting as part of a push for an output deal, with producers battered by a glut-induced halving of oil prices over the past two years.

“There is a strong move towards a deal between OPEC and non-OPEC to at least freeze production,” the source told Reuters.

“It seems we are going in this direction. But if we are going to freeze, we have to use secondary sources to gauge production levels. We can’t allow each country to use a different method,” the source said.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza