OPEC officials are preparing for a series of meetings to finalize details of the agreement Algeria
Friday 07-10-2016 | 7:43:52
Twilight News sources in the Organization of Petroleum Exporting Countries / (OPEC) on Friday, said officials of the Organization would hold a series of meetings unusual in the next six weeks to finalize details of an agreement to cut production reached last week in Algeria.
According to this series of meetings that begin at the ministerial level meeting in Istanbul next week that the organization has become - in contrast to the first half of 2016 - more serious now about the global supply glut and price-support management.
At the beginning and the energy ministers of OPEC will meet with each other as well as with Russian officials in informal talks on oil production in Istanbul next week with the Turkish city's hosting of the World Energy in the period from the ninth to the thirteenth of October.
The Russian Energy Ministry, quoting Minister Alexander Novak said in a statement on Friday it does not expect to reach agreement on installation of production scheduled before the thirtieth of November OPEC meeting.
OPEC sources said that is not expected to make a decision in Istanbul, but nevertheless, the meeting will be an opportunity for officials to discuss the next step after the Algiers Agreement, which was agreed to after intense diplomatic efforts.
An official involved in the talks OPEC "I strongly busy in recent weeks."
OPEC has agreed on 28 September to cut production to a range between 32.5 and 33 million barrels per day, the first cut of production since the global financial crisis in 2008.
But the ministers put aside the issue of determining the size of the production of each of the member's 14-member assignors case to what the organization calls the high-level committee.
The work of this committee, which will include probably the governors of the organization and representatives of States Council on the development of the quota allocated to each state details before the next OPEC meeting at the ministerial level on the thirtieth of November.
Another source said OPEC "Everyone will be busy until the end of November".
OPEC sources said that the Committee is expected to hold its first meeting at the OPEC headquarters in Vienna in the period from 28 to 29 October. This is followed by meetings of the Board of Governors of OPEC to discuss the Organization's long-term strategy - which has been delayed due to disagreements in the past year - as well as other administrative matters in the period between the first and the fourth of November.
OPEC sources added that after that will be held for representatives of the Member States technician OPEC meeting in Vienna from 23 to 24 November, is likely to be followed by another meeting of the High-level Committee on 25 November. The Committee would then make recommendations to the ministers when they meet on the thirtieth of November