Experts of the OPEC have made progress in the implementation of the Algiers agreement

MOSCOW, 31 Dec — RIA Novosti/Prime. OPEC technical Committee for the implementation of the Algiers agreement to limit the level of oil production has made significant progress, a final agreement is expected at a meeting of the cartel on November 30 in Vienna, informs Agency Bloomberg with reference to the Secretary-General of OPEC, Mohammed Barkindo.

Countries outside the organization, including Russia, has committed to help OPEC for the implementation of the Algiers agreement, but it is too early to speak about volumes of production cuts by countries such Barkindo said in an interview with Bloomberg.

OPEC remains committed to the implementation of the Algiers agreement, he added.

The meeting of experts of the OPEC member countries was held last week. Also joined by experts from the six countries not cartel — Azerbaijan, represented at the level of the country’s energy Minister Natig Aliyev, Kazakhstan in the person of the Deputy Minister, as well as Russia, Mexico, Brazil and Oman, from whom came the heads of relevant departments of the ministries. However, the meeting participants came to a consensus on the implementation of the Algiers agreement.

In late September, OPEC’s informal meeting in Algeria agreed on a restriction of output in the range of 32.5-33 million barrels of oil per day, but specific limits for each of the countries of the organization while there is no agreement. The final decision must be made on the official OPEC meeting on November 30 in Vienna.