LEADING OIL PRODUCERS, CONSUMERS MEETING IN ALGIERS TO DISCUSS OIL MARKET
ALGIERS, — The 15th International Energy Forum (IEF) taking place in the Algerian capital Tuesday and Wednesday will put to the test the effectiveness of a producer-consumer dialogue in an oil market marked by upheavals since the last IEF held in Moscow two years ago.
It is therefore not fortuitous that this forum, during which an informal meeting of the Organization of Petroleum Exporting Countries (OPEC) will be also be held, will focus on the theme “Global energy transition: A strengthened role for the energy dialogue”.
Several experts agree that a constructive dialogue among the producer countries themselves and between them and the consumer countries constitute, through this forum, an opportunity to hold talks on energy issues.
According to the International Energy Agency (IEA), the global oil supply and demand follows two contradictory curves.
While the global oil demand should increase less than expected, to a level of 1.3 million barrels per day (bpd) in 2016 against initial forecasts of an increase of 1.4 million bpd to reach 96.3 million bpd in 2016, global supply is expected to grow at a faster pace in 2016, with a less marked decline than expected in the production by non-OPEC countries.
For the informal OPEC meeting, Algeria, which has been making efforts, since the beginning of 2015, to bring the viewpoints between the cartel’s member countries closer, promises that it will culminate in “positive” results.
“All the countries of OPEC agree to stabilize. We should nevertheless find the formula accepted by every party,” said Minister of Energy Noureddine Boutarfa here Sunday.
According to the Minister, Russia, Saudi Arabia and Iran are all in favour of a freeze in oil production.
“The informal meeting of OPEC in Algiers will not be a failure: If we reach an agreement, it is good, if we come up with elements of an agreement, it is also good,” said Boutarfa.
Source: Nam News Network