APEC PRODUCATION QUOTAS TO BE TO SET AT ITS NEXT MEETING ON NOV 28
ALGIERS, -- Algerian Energy Minister Noureddine Boutarfa says the production quotas of members of the Organization of Petroleum Exporting Countries (OPEC) will be defined during the cartel's next ordinary meeting to be held at OPEC headquarters in Vienna in three weeks's time.
Speaking Sunday on the sidelines of the signing of a contract between Algeria's national hydrocarbons group Sonatrach and China Petroleum Engineering & Construction Corporation (CPECC) for restoration work on a refinery here, he added that OPEC would not backtrack on a deal concluded last September in Algiers providing for the reduction of OPEC's total output to between 32.5 million and 33 million barrels per day (bpd).
"We will not backtrack on the Algiers deal. Today, we are in the phase of the application of this agreement. The High-Level Technical Committee set up following the Algiers meeting is working on it and the Algiers deal has not been questioned," he Boutarfa in response to question from the media.
The minister also explained that the High-Level Technical Committee, chaired by Algeria, "has already dealt with a number of technical matters" so far. It has proposed that the duration of the deal be for one year with effect from January 2017, and be reviewed after six months, he added.
Boutarfa affirmed that the OPEC meeting on Nov 28 would redefine the quotas of each country and "each member will cut (output) according to the level of its current production"
Source: Nam News Network