OPEC informal meeting kicks off in Algiers to boost market

An informal meeting of the Organization of Petroleum Producing Countries (OPEC) members kicked off here on Wednesday in a hope to reach consensus in stabilizing the sinking oil market.

The OPEC members are consulting ways to reducing the excess of oil supply ahead of boosting the slumping prices.

On Tuesday, OPEC Secretary General Mohammad Sanusi Barkindo told reporters that discussions for a possible agreement are on good track.

He said Wednesday's meeting is marked by the participation of major non-OPEC producers, in reference to Russia.

Earlier on Tuesday, Saudi Arabia and Iran, two major members in the 14-member cartel showed divergent views.

While Saudi Arabia hinted to support any decision aiming at stabilizing the market, including freezing or reducing output, Iran insisted that it is not ready yet to reduce output, preferring to wait until the full meeting of OPEC in Vienna next November to decide on the issue.

Algerian Energy Minister Noureddine Bouterfa said the informal meeting would be a major opportunity to narrow differences between OPEC and non-OPEC members, in order to ultimately reach a decision to stabilize the market.

This informal meeting could turn into an official one, in case the OPEC members reach convergent views and compromising agreement to boost the crude prices. Endit