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According to Khalid al-Falih, countries that are not the members of the OPEC want to help with the oil market balance

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According to Khalid al-Falih, countries that are not the members of the OPEC want to help with the oil market balance

According to Khalid al-Falih, countries that are not the members of the OPEC want to help with the oil market balance
October 12
09:00 2016

Khalid Al-Falih, Saudi Minister of Energy has no plans to participate in the meetings of the OPEC member countries and exporting countries outside the cartel. Nevertheless, the minister said in an interview to Reuters that he had noticed the desire of the countries outside the OPEC to support the market balance.

At the World Energy Congress, Khalid al-Falih said: “Tomorrow’s meeting will have a very informal and consultative nature. It will be a meeting among the countries, which have come to Istanbul.”

“Unfortunately, the prior obligations do not allow me to participate in the meeting, but I will watch the progress of the negotiations and obtain the information about an agreement among the parties,” – said al Falih.

In addition, the Saudi minister said that he had met with his Russian counterpart Alexander Novak, and drew attention to the fact that  Istanbul’s conference was “a big step forward.”

“Judging from the meetings I have held in the framework of the Congress today and the day before … it is obviously that many countries do not simply support the Algerian OPEC pact, but are ready to join it – the minister said -. This is not about the support, but about the real contribution, which is necessary in order to accelerate the already started process of the market balancing. “

According to the results of the informal meeting in September in Algeria, the OPEC member countries have come to an agreement to cut the oil production to 32,5-33 million barrels per day. This has happened for the first time over 8 years.

In the next month and a half the OPEC is going to hold a series of meetings in order to agree on the terms of the Algerian pact and sort things out.

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