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OPEC chief optimistic of agreement with non-member states on production cut

OPEC chief

OPEC Secretary-General Mohammed Barkindo (right) says non-OPEC states are supportive on reaching an oil supply agreement.  OPEC photo.

OPEC gathering in Istanbul on Wednesday

ISTANBUL, Oct 10 (Reuters) – OPEC Secretary-General Mohammed Barkindo said on Monday he expected to reach a common understanding with non-OPEC countries at a gathering in Istanbul on the implementation of last month’s Algiers agreement on cutting oil production.

Barkindo said “consultations” between OPEC members and non-member states would take place at 2 pm (1100 GMT) on Wednesday in Istanbul, where representatives from oil producing states are gathered for the World Energy Congress.

Algerian Energy Minister Nouredine Bouterfa said on Monday he expects to see commitments on supply cuts from non-OPEC oil producers at gatherings in Istanbul, describing them as “consultations” ahead of November’s OPEC meeting in Vienna.

Asked if he expected a strong commitment from non-OPEC members at the World Energy Congress in Istanbul this week, Bouterfa told Reuters: “why not?”.

“All the atmosphere has changed positively (with non-OPEC),” Barkindo told reporters, saying that non-OPEC states were “all supportive” on reaching an agreement.

 

OPEC is trying to nail down details of a deal to cut production agreed last month in Algiers.

(Reporting by Ron Bousso and Rania El Gamal; Writing by Nick Tattersall)

OPEC chief

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