ALGERIA WANTS CURENT OPEC-NON-OPEC AGREEMENT MAINTAINED

ALGIERS, Algeria wants the current agreement members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers to limit production and exports to be maintained, says the chief executive officer of the Algerian national hydrocarbons company SONATRACH, Abdelmoumen Ould Kaddour.

“We wish that the 2016 deal would be maintained,” said Ould Kaddour on Thursday. His comments came ahead of next month’s meeting of the joint OPEC and non-OPEC ministerial committee set up to monitor compliance with the supply cut deal.

“Given the current political context, especially in the United States and the Middle East, nobody can foresee the outcome of the meeting,” he added.

The agreement, signed in December 2016 by 11 non-OPEC members and the 13 OPEC members, provides for an output cut of 1.8 million barrels per day to stabilize the market.

Source: NAM NEWS NETWORK

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