Russian Energy Minister Says OPEC Will Not Discuss Output Cuts at Algiers

OPEC is not expected to discuss an idea for oil producing nations to cut output by 5 percent at a meeting this month, the RIA news agency cited Russia’s energy minister as saying on Thursday.

“There is a proposal on an (oil) output freeze,” the agency quoted Alexander Novak, the minister, as saying ahead of the oil cartel’s meeting in Algeria next week. But it cited him as saying the proposal was not on the agenda for now.

Other agencies cited Novak as saying he expected constructive talks in Algeria however and that Russia was ready to coordinate its actions on the market with other producers.

via Reuters

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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, Alfonso Esparza 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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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