OPEC May Decide on Extra Meeting After Algiers

OPEC members could decide to hold an extraordinary meeting to discuss oil prices immediately after an informal gathering in Algiers next week, Algerian Energy Minister Noureddine Bouterfa said on Tuesday.

Bouterfa told local radio he was optimistic that participants would reach a consensus on how to stabilize the oil markets at the Algiers meeting of OPEC and non-OPEC producers on Sept. 26-28.

“Oil ministers may decide to hold an extraordinary meeting immediately,” he said.

Algeria has been pushing for oil to be stabilized at around $60 a barrel. Bouterfa has traveled to Qatar, Iran and Russia to lobby for action to steady the market.

International benchmark Brent crude oil futures were trading at about $45 per barrel on Tuesday.

On a visit to Algiers over the weekend, Mohammed Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries, said an extraordinary meeting could happen if the Algeria conference produced a consensus. He has said the Algiers meeting was for consultations and not decision-making.

Reuters

Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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