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OPEC to hold informal meeting in Algeria next week

Xinhua, September 23, 2016 Adjust font size:

Qatar's Energy Minister Mohammed Al-Sada said Thursday that the Organization of Petroleum Exporting Countries (OPEC) is to hold an "informal meeting" in Algeria on Sept. 28.

A press release issued by the Ministry of Energy and Industry today quoted Al-Sada, the current president of OPEC, as saying that the meeting will be held on the sidelines of the 15th International Energy Forum next Wednesday.

OPEC Secretary-General Mohammed Barkindo reportedly said that the meeting of OPEC members and non-OPEC producers in Algiers this month would be an informal meeting for consultations and not for decision making.

Barkindo pointed out that OPEC would try to reach a consensus and call an emergency meeting to make an actual decision if all members agree.

He said the group's members will discuss an agreement that would last one year, but he didn't specify whether they would discuss a pact to freeze production.

The 15th International Energy Forum, a biennial ministerial event, will be held in Algiers from Sept. 26 to 28. Endit