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Published: Sun, October 30, 2016
Economy | By Melissa Porter

OPEC, non-oil cartel members discuss production cuts

OPEC, non-oil cartel members discuss production cuts

"I am very happy with the results, and we are preparing for the next meeting which will be held on [November] 25-26", Aliyev told journalists.

There is no deal yet between Non-OPEC producers and OPEC in cutting crude oil output, to prop up worldwide prices.

"He stated that "Russia is ready to join joint measures on reducing the production of oil and invites other oil exporters to do so". We agreed the price of oil can be around $60 per barrel". Failure to implement the output reduction agreed last month in Algiers will hurt oil producers, the organization's top official warned.

The desert kingdom now accounts for almost a third of the Organization of the Petroleum Producing Countries' output of over 33 million barrels a day and has focused on increasing instead of decreasing production in hopes of cutting into the USA shale oil market. However, Novak reportedly said Moscow would prefer to freeze at current levels. Still, progress was made on the methodology to be used for allocating individual production curbs, the delegate said.

"The recovery process has taken far too long and we can not risk delaying the adjustment any further", said Sanusi Barkindo, the secretary general of the Organisation of the Petroleum Exporting Countries, in his opening remarks.

This is a critical time for the oil market, which is still under great pressure because of a large stockpile surplus, Barkindo said, according to a transcript of his speech posted on OPEC's website. "The market has been wary of reading too much into the rhetoric ahead of the next meeting scheduled for the end of November", said analysts at Cenkos Natural Resources.

Barkindo referred to the agreement as a "truly a landmark achievement". In addition, Iran also claims its oil production last month was 3.89 million barrels per day mbd, while OPEC's figure for Iran was 3.665 mbd.

Oct 29 Non-OPEC producers have yet to make a specific commitment to join the Organisation of the Petroleum Exporting Countries in limiting output levels to prop up prices, OPEC and non-OPEC energy officials said on Saturday.

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