Algiers — The Organization of the Petroleum Exporting Countries (OPEC) and non OPEC producing countries, are due to meet on Thursday by videoconference. The meeting is expected to provide the conditions for balanced oil market, Energy Minister Mohamed Arkab said in Algiers on Wednesday.
“This meeting will no doubt be fruitful in achieving a balanced market between OPEC countries and our non-OPEC partners through measures that we are going to undertake tomorrow (Thursday),” said the minister during a field visit to Sonelgaz electricity and gas distribution directorate in Algiers.
According to him, this will allow a recovery in the oil market to benefit both producing and consuming countries.
OPEC and its allies have invited 10 other countries, including United States, at the meeting scheduled for Thursday to try to stabilize the market.
This exceptional meeting by videoconference is set to discuss a massive reduction in production, which could reach 10 million barrels/d, according to Russian President Vladimir Putin.