Cautious optimism ahead of OPEC's Algiers meeting

Published September 19th, 2016 - 11:00 GMT
Mohamed Sanusi Barkindo is currently in Algiers meeting with Energy Minister Noureddine Boutarfa. (AFP/File)
Mohamed Sanusi Barkindo is currently in Algiers meeting with Energy Minister Noureddine Boutarfa. (AFP/File)

Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohamed Sanusi Barkindo expressed Sunday in Algiers "optimism" about the results expected from OPEC's informal meeting on 27 September in Algiers.

Barkindo, who started Saturday a visit to Algiers, made this statement following his meeting with Energy Minister Noureddine Boutarfa.

Questioned by APS about OPEC's ability to reach a decision during this meeting, scheduled on the sidelines of the 15th International Energy Forum (IEF), in case of convergence of views between member countries, Barkindo said he was "optimistic" about the results of this meeting, hailing Algeria's efforts to bring closer views of OPEC and non-OPEC countries. He also hoped that these efforts will lead to positive results.

In this regard, he stated that OPEC Energy ministers may hold an extraordinary meeting if they reach a consensus during the Algiers informal meeting.

Speaking about decision-making process within the OPEC, he stated that an informal meeting is not a decision-making meeting, adding that an informal meeting remains so until ministers of the member countries realize the need to take decisions.

At this time, he explained, an informal meeting may decide to hold an extraordinary meeting so as to take decisions.

"Therefore, we suggest that the Algiers informal meeting leads to an extraordinary meeting in order to take decisions" likely to stabilize oil price, OPEC SG said.


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