By: Ramy Sameeh
Abu Dhabi – Mubasher: Member states in the Organisation of Petroleum Exporting Countries (OPEC) have proposed to begin the execution of the Algiers deal of reducing production by 2017, stated UAE governor in OPEC on Wednesday.
The plan is set to commence in 2017 for one year, Ahmed Al Kaabi told reporters on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016.
OPEC recently reached an agreement in Algiers to trim its production of crude oil, in an attempt to reduce the supply glut and boost low oil prices.
“OPEC is committed to the Algiers deal,” Al Kaabi stated, adding that he is optimistic as circumstances are going smoothly at present.
Officials from the oil organisation convened last month in Vienna to pinpoint the details for reducing production; however, they failed to reach an agreement.
OPEC members are scheduled to meet once more in Vienna on 25 November ahead of the ministerial meeting for the organisation on the 30th this month.
Oil prices have more than halved over the past two years due to a global supply glut, which has negatively affected major oil producers budgets.
Translated by: Nada Adel Sobhi
