OPEC, non-OPEC states agree to cap oil output at 32.5 mln bbd

DOHA, Nov 18 (PRIME) -- OPEC and non-OPEC oil producing countries have confirmed their commitment to limiting output to 32.5 million barrels daily, Algerian Energy Minister Noureddine Boutarfa told reporters on Friday.

“The participants of the Doha meeting have confirmed their commitment to an agreement in Algeria to cut the production to 32.5 million barrels,” Boutarfa said.

Russian Energy Minister Alexander Novak said that that after the meeting he is almost sure that Russia and OPEC will agree to cut output at the next OPEC and non-OPEC meeting scheduled for November 30.

“The meeting, in my opinion, went by very positively, very constructively. I see that the sides are indeed drawing their positions closer and I think that the prospects of reaching an agreement are becoming real,” Novak said.

“We are moving towards agreements and I see that our positions are becoming increasingly aligned. This is why I am sure that by November 30, firstly the OPEC countries, and also non-OPEC ones will agree.”

He said that the measure would provide a serious balancing influence on the market.

Novak said he had held a bilateral meeting with his Saudi Arabian counterpart Khalid al-Falih and that the officials had discussed joint oil market steps and cooperation fruitfully.

OPEC and non-OPEC experts will meet on November 28 in Vienna, ahead of the official meeting on November 30 to discuss possible variations of the upcoming agreement, Novak said.

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