Member countries of OPEC can cut production following the meeting in November, more than had been discussed at a meeting in Algeria. This was stated by Minister of energy of Algeria Noureddine Boutarfa, reports oil and gas information Agency of the Russian Federation.
According to him, the meeting in Vienna in late November, the oil market will be evaluated, and if the 700 million barrels is not enough, the level of reduction of production will be increased.
OPEC's informal meeting in Algeria on 28 September agreed restriction of output in the range of 32.5-33 million barrels of oil per day, but for specific restrictions for each of the countries of the cartel yet, there is no agreement, RIA Novosti reported. The final decision should be taken at an official meeting of the organization, which will be held on November 30 in Vienna.
Meanwhile, on news that OPEC may cut oil production by 1% over the limit, agreed at the meeting on 28 September in Algeria, oil prices are rising. On Thursday, the price of oil WTI at the auctions on the ICE exchange in London rose 0.37 percent to 50.2 percent. In recent times the price of this kind of oil rose above 50 dollars June 24, 2016
Thus, according to Nureddin, Boutarfa the benchmark for the cartel will be the price of oil in the range of 50-55 per barrel.
In addition, the quotations of impact published 5 Oct the data on oil reserves in the United States. In particular, commercial oil stocks in the country, according to the U.S. Department of energy, fell for the week from 23 to 30 September – by 3.02 million barrels to 499,7 million tons.
However analysts expect growth stocks of 2.56 million barrels, according to a survey by Bloomberg.