Algeria says OPEC informal meeting to help stabilize oil market

Algeria on Sunday expressed optimism that an agreement could be reached by major oil producing countries to stabilize the world oil market.

"I'm very optimistic that OPEC members would reach a consensual agreement to restore stability to the up-and-down oil market," Algerian Energy Minister Noureddine Bouterfa told a press conference preceding the informal meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers.

The informal meeting of OPEC will be held on the sidelines of the International Energy Forum in Algiers from Sept. 26-28.

The OPEC members pump up 33.4 million barrels per day, which is a very high level that could never help pushing prices to hike, according to the Algerian official.

Bouterfa urged both the OPEC and non-OPEC members to freeze production in a bid to stabilize the market.

He noted that oil price at 50 or 60 U.S. dollars would be favorable for both consumers and producers, as it would help producers to maintain investments and exploration of new fields, and therefore assure the availability of this key energy product in the long term.

He further noted that Saudi Arabia and Iran, the two influential members of OPEC, have been sending positive signals as they are likely to work on limiting their outputs in the short term, adding that talks are also underway with non-OPEC producers including Russia, to persuade them to freeze production. Endit