Noureddine Bouterfa: “OPEC Will Not Retreat From Algiers Agreement”
الشروق أونلاين
-
-
437
-
0
Production quotas for countries of the Organization of Petroleum Exporting Countries will be identified during its regular meeting on November 28 in Vienna, Energy Minister, Noureddine Bouterfa, said in Algiers, on the sidelines of the signature of a contract between Sonatrach and the Chinese company for the engineering, construction, and oil, “CBOC”.
He answered questions of the press about the future of “OPEC” agreement on reducing production between 32.5 and 33 million barrels a day, saying: “There is no decline in the terms of the Algiers Agreement, we just apply its content. High-Level Technical Committee was created after the Algiers Agreement, and it started working on it, because the agreement is no longer considered. This committee has addressed a number of technical elements.”
“It also proposed to have the agreement for one year from January 2017 with a review at the end of every six months. We should wait for the next meeting of the organization, which will determine production quotas for each member state of the organization. Each country will reduce production according to the size of the current production.”
Chairmanship assigned the Technical Committee to Algeria though it is in charge of determining mechanisms of reducing the production of each country of the OPEC countries, and coordination with countries outside the organization to reflect the terms of the Algiers Agreement.
Price of a barrel of Brent oil reached $ 45 a barrel yesterday, which is the lowest price since Algiers agreement in the end of last September.
