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Algeria says OPEC outputs to drop by 1.8 mln bpd in February

Xinhua, January 27, 2017 Adjust font size:

Algerian Energy Minister Noureddine Bouterfa on Thursday said the target of cutting 1.8 million barrels a day set by the OPEC and non-OPEC countries would thoroughly be achieved in February.

The countries have already started implementing Algiers Agreement signed in Vienna late last year, as their overall outputs have decreased by 1.5 million bpd, Boutefa told reporters here.

The minister further specified that a meeting is due between March 20 and 25 in Kuwait, in a bid to assess the implementation of Algiers Agreement by OPEC.

The OPEC countries met in Algiers late November as they agreed to cut output by 1.2 million bpd for six months, in a bid to bring back balance to the market.

Algeria says the oil price per barrel between 50 and 60 U.S. dollars would be favorable for both consumers and producers, as it would help producers to maintain investment and exploration of new fields, and therefore assure the availability of this key energy product on the long term. Endit