OPEC

Qatar’s Energy Minister Mohammed Al-Sada made this announcement Thursday in a press conference on the sidelines of the Gas Exporting Countries Forum held in Qatari capital.

Al-Sada, the current president of OPEC said “we will have a meeting, and it’s going to be an informal and consultative meeting,” adding that 11 countries had confirmed their participation, without naming them.

The meeting will kick off Friday morning in order to reach an understanding regarding the current situation of the energy market, he pointed out.

OPEC’s de factor leader Saudi Arabia is expected to attend the meeting and hold talks with several OPEC members and non-OPEC Russia on possible collective action to limit production, while Iraq and Iran will bypass the talks, according to media reports.

OPEC agreed in Algeria on September to cut oil production to 32.5 million barrels a day from current level of 33.24 million barrels a day to boost the market.

However, disagreements persist among producers on details of a plan to cut the output.

The group will discuss concrete levels of output by each country at its next formal meeting on Nov. 30 in Vienna. Enditem

Source: Xinhua/NewsGhana.com.gh

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