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Thursday, 18 May 2017

Algeria Says Most Nations in OPEC Deal Back Nine-Month Extension - Bloomberg

Algeria Says Most Nations in OPEC Deal Back Nine-Month Extension - Bloomberg:

"Algeria, the African oil producer that was instrumental in crafting OPEC’s historic output deal last year, said most participating nations back a nine-month extension of the cuts. “Most of the countries support the proposition of Russia and Saudi Arabia to extend,” Algerian Energy Minister Noureddine Boutarfa said Thursday in Moscow after talks with his Russian counterpart, Alexander Novak. Algeria also favors that course of action, and is “optimistic for an agreement,” he said. Signatories to a deal struck between the Organization of Petroleum Exporting Countries and its allies, including Russia, late last year will meet May 25 in Vienna to discuss prolonging the supply curbs. Saudi Arabia and Russia said Monday they favor extending the agreement through the first quarter of 2018 to reduce bloated global inventories to the five-year average."



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