Algeria Asks For Providing Precise Figures About Oil Reserves In 14 Countries

Countdown has begun for OPEC’s meeting in the Austrian capital, Vienna, that will be held on November,30, at a time when the committee that emerged from Algeria meeting, which is headed by the Algerian party, is in race with time to achieve 3 gains, ahead of the official meeting the official, which are the fair distribution of quotas, ensuring the possibility of intervention in the market to increase the product or withdraw it in an emergency case, with an estimate of the real quotas in the wells and stores at the producing countries, rather than the announced quotas, especially since the recent estimates show that the daily production level is equivalent today to 30.4 million barrels, while other data confirmed that it surpassed 34.5 million barrels.

Energy expert, Bouziane Mahmah, told Echorouk that OPEC’s ship must be anchored in the coming days on realistic and logical quotas, rather than the traditional quota system that is adopted since a period, and which caused the market’s flooding, in light of the Saudi takeover of one-third of the organization’s production.

“Main gain that was achieved by Algiers meeting at the end of last September, is reaching the relative stability of a barrel of oil, which did not fall below $ 50 despite the speculations, maneuvers and diplomatic pressures, which is restoring confidence to the market, and improving its psyche according to a positive direction and affinity towards the top despite all the pressures.”

“Saudi Arabia and Iran’s recent comments managed to pave a positive ground for future perspective. Even the Iraqi statements, which claim exemption from the commitment of reduction during the next phase, remain positive despite the fact that some people describe them as negative. Most important during the current stage is to avoid maneuvers by concluding agreement to launch investigation of the real product for each State and the sources of each country”.

“A map was determined in Algeria and it must be embodied in Vienna, and this will not be realized without working transparently for the establishment of a new phase on the ground, and searching for the wells. Stage of truth has arrived, to be sure of the real production and real contribution of each country, and without it, OPEC will not be able to reduce its production by 700,000 barrels”.