Markets

OPEC meets non-OPEC nations for oil talks, gets Azeri support

OPEC meets non-OPEC nations for oil talks, gets Azeri support

Oct 29 Non-OPEC producers have yet to make a specific commitment to join the Organisation of the Petroleum Exporting Countries in limiting output levels to prop up prices, OPEC and non-OPEC energy officials said on Saturday.

A deal with other crude producers wasn't possible after internal OPEC talks on Friday reached an impasse over the role of Iran and Iraq, both of which want to be exempt from any cuts.

The meeting of the High Level Committee is comprised mainly of OPEC governors and national representatives - officials who report to their respective ministers.

"The recovery process has taken far too long and we can not risk delaying the adjustment any further", said Sanusi Barkindo, the secretary general of the Organisation of the Petroleum Exporting Countries, in his opening remarks.

The details of how the production cuts will be shared are still to be worked out and are expected to be signed at the OPEC meeting in Vienna on November 30.

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This is a critical time for the oil market, which is still under great pressure because of a large stockpile surplus, Barkindo said, according to a transcript of his speech posted on OPEC's website.

"We should be calling for maximum commitment from all OPEC and non-OPEC countries" to the Algiers accord, Barkindo said. It was a collective decision reached by consensus of all the OPEC-14 Member Countries.

The Algiers Accord, set a production target for OPEC's 14 Member Countries, ranging between 32.5 and 33 mb/d in order to accelerate the ongoing drawdown of the stock overhang and bring the rebalancing process forward, he said. "It is important to be consistent when making decisions, it is important for the market, too", the Russian energy minister said.

Saudi Arabia's Oil Minister Khalid al-Falih said: "Oil markets started moving into balance recently, but we in Opec, along with producers from outside the group, started intense consultations to take the right action to quicken the re-balancing and market recovery".

Non-OPEC nations sending representatives to Saturday's talks are Russia, Kazakhstan, Mexico, Oman, Azerbaijan, Brazil and Bolivia.


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