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.”
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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