OPEC chief says may call extraordinary meeting if consensus reached in Algiers - APS

Image
Reuters ALGIERS
Last Updated : Sep 18 2016 | 7:42 PM IST

ALGIERS (Reuters) - OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus during an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria, the country's state news agency APS said on Sunday.

Barkindo said he was optimistic about the meeting in Algeria on Sept. 26-28. He has previously said discussions in Algiers will be consultations and no major decisions will be made.

"The informal gathering was proposed as a move to having an extraordinary meeting with the aim of taking decisions to stabilize the market," Barkindo said.

The OPEC chief has said the organization is not seeking a definite price range for oil but stability for the market.

Russia, Iran and other major oil producers are due to take part in the Algiers meeting.

Several OPEC producers have called for an output freeze to rein an oil glut that triggered a price collapse in the last two years, hitting the revenues of major producers.

Saudi Arabia and non-OPEC member Russia agreed this month to cooperate in oil markets, saying they could limit future output.

(Reporting by Hamid Ould Ahmed; Writing by Patrick Markey; Editing by Susan Fenton and Toby Chopra)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Sep 18 2016 | 7:22 PM IST

Next Story