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Algeria: OPEC to discuss production cut

Algeria: OPEC to discuss production cut

A senior Algerian official says OPEC will discuss a production cut during its meeting on Sunday in Vienna.
Algeria's Energy Minister Chakib Khelil told a conference that the Organization of the Petroleum Exporting Countries will debate the usefulness of curbing output to support market prices.
"I think that the emerging consensus will ensure market stability before bringing the price of crude to $75 a barrel," he said Wednesday.
OPEC members have offered conflicting signals ahead of the meeting. Some members are stressing tighter compliance with earlier cuts of 4.2 million barrels per day, which analysts say has restricted crude's collapse amid faltering demand.
Prices have plummeted from mid-2008 highs of $147 per barrel to around $46.


Updated : 2021-05-10 06:58 GMT+08:00