Opec, Russia to hold informal talks on how to cut output next week

Participants gather in the lobby ahead of an informal meeting between members of the Organization of Petroleum Exporting Countries, OPEC, in Algeria.
Participants gather in the lobby ahead of an informal meeting between members of the Organization of Petroleum Exporting Countries, OPEC, in Algeria. PHOTO: AFP

MEXICO CITY (BLOOMBERG) - Oil ministers from Opec and non-Opec producers are set to meet next week in Istanbul for talks on how to implement last month's decision to reduce crude output.

The discussions will include how producers outside the Organization for Petroleum Exporting Countries will join in the cut, Venezuelan Oil Minister Eulogio Del Pino said in a government statement late on Wednesday (Oct 5). Ministers from Opec members Saudi Arabia, Algeria, Gabon, Qatar and the United Arab Emirates will attend, along with non-Opec Russia, he said.

Opec is in the process of ironing out the details of the pact, announced last week in Algiers, that would trim output to 32.5 million to 33 million barrels a day. It exempts Iran, which is emerging from international sanctions, from production cuts. Nigeria has also said it won't have to comply and Libya is unlikely to be asked to because its oil production is a fraction of what it should be. The deal will be finalized at the end of next month.

Most of the oil ministers are scheduled to attend the 23rd World Energy Congress Oct 9-13 in Istanbul. Algerian Energy Minister Noureddine Boutarfa said that they were planning to meet next week in an interview with Ennahar TV reported by Reuters earlier Wednesday. The Ennahar report is scheduled for broadcast on Thursday, Reuters said.