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Algeria proposes OPEC to cut oil output

Xinhua, September 29, 2016 Adjust font size:

Algeria has proposed the members of the Organization of Petroleum Exporting Countries (OPEC) to cut the cartel's oil outputs by 796,000 barrels a day to stabilize the slumping market, local media reported on Wednesday.

The North African nation, which hosts an informal OPEC meeting, has filed the proposition to the group members in a hope to clinch their commitment to cutting oil supply and ultimately boosting the prices, according to Ennahar TV channel.

The report said Algeria has proposed Saudi Arabia, one of major oil producers, to cap its supply around 10.3 million barrels a day.

Algeria also proposed Iran to limit its supply to 3.7 million barrels a day, Ennahar TV said.

Algerian Prime Minister Abdelmalek Sellal on Tuesday met with Saudi Deputy Oil Minister Prince Salman bin Abdul Aziz bin Salman Al-Saud and Iranian Oil Minister Bijan Namdar Zanganeh.

Sellal attempted to approach divergent views between Iran and Saudi Arabia to facilitate the process of the informal OPEC meeting, which is seen as an opportunity to reach an agreement to either freeze or reduce outputs ahead of full meeting of the cartel in Vienna in November. Endit