Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says
- Buz Traders Looking on Believing is Seeing Critical Oil Market Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week.
- Prices tumbled 3.7 percent on Friday after Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision.
- While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing to work toward the group’s first production curbs since the organization let members produce at will in late 2014, causing prices to plunge. OPEC meets again in Vienna in November
Critical Oil Market OPEC members to hold informal talks
Critical Oil Market Crude prices, which have dropped more than half from their 2014 peak amid a global supply glut, rebounded last month on speculation that OPEC and Russia might revive a pact to limit production. Prices have since cooled and Brent crude futures fell 3.7 percent to $45.89 a barrel on Friday, before rising as much as 1 percent on Monday. They were at $46.26 at 7:19 a.m. in Singapore. A reasonable price for Algeria would be a range of $50 to $60 a barrel, Boutarfa said.
“The situation since the last meeting in June has worsened,” said Boutarfa, who’s been involved in talks with Saudi Arabia and other members in the run-up to the meeting. “So it’s important to see what measures can be adopted in the short term and very short term to find a solution to this situation that isn’t helping any OPEC country.”
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Critical Oil Market
OPEC’s talks will be informal but can be converted into an extraordinary meeting, which could result in a decision by the group, Boutarfa said.
Russia hasn’t received offers from other producers about a possible output cut, and the lack of an agreement in Algiers would not be critical for the country, Russian Energy Minister Alexander Novak said, according to a RIA Novosti report on Sunday.
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