OPEC, non-OPEC countries to meet in Turkey to boost oil prices

Algerian Energy Minister, Noureddine Bouterfa, announced Thursday that Turkey is due to host an informal meeting between OPEC and non-OPEC producers on Oct. 8, to discuss ways of putting into effect the recommendations of the Algiers meeting last month.

Oil prices are still not stable at global markets, despite the "historic" agreement reached in September in Algiers between members of the Organization of Petroleum Exporting Countries (OPEC).

"An informal meeting of OPEC and non-OPEC is scheduled on the sidelines of the World Energy Congress in Turkey's Istanbul from Oct. 9 to 13," Bouterfa told Ennahar TV.

The official added that Istanbul's meeting would precede the full summit in Vienna due on Nov. 12, where the cartel's members will aim to reach an agreement to stabilize the market.

He further assumed that "The Algiers meeting has eliminated hurdles as OPEC members agreed to cap outputs, and there is common will to move towards stabilizing the market."

Bouterfa forecast a larger output decline, given that the cut of 700,000 barrels a day would not be enough to stabilize oil prices between 50 and 55 dollars a barrel.

On Sept. 28, the 14 members of OPEC reached an agreement to cap oil output from 33.4 million barrels a day to 32.5 or 33 million barrels a day.

OPEC and non-OPEC producers believe that oil prices at 50 or 60 USD 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.

However, some experts believe that oil prices would not rise immediately after OPEC members' agreement. Abderrahmane Mebtoul, an expert, said oil prices also depend on other factors, including the global growth rate as well as supply and demand. Endit