Bouterfa: “Algeria Is Ready To Extend Oil Output Cuts”

Algeria is ready to extend the period of oil production cuts, but this move is linked to the OPEC member states’ agreement on the decision to cut oil output, the minister of energy and acting minister of water resources and environment, Mr Noureddine Bouterfa said.

Mr Bouterfa stated during a press briefing on the sidelines of a working visit to Tiaret province (western Algeria) on Tuesday that the meeting of oil-exporting countries scheduled for May 25th in Vienna (Austria) will decide either on the extension of the period of the oil production cut up to 6 months or freeze it permanently.

He suggested the possibility of extending the period of production reduction, noting that the decision will be taken after consultations among all OPEC member countries.

The energy Minister pointed out in this regard that there is a specialized OPEC committee entrusted with closely studying such a move, noting that the latter will convey its fact-finding report to the OPEC member-countries’ Vienna encounter on May 25th.

The latest OPEC meeting held at the end of last year in Vienna came out with a decision to slash overall oil production by about 1.8 million barrels per day, for a period extending until next June 2017.