Connect with us

Hi, what are you looking for?


Saudi oil minister says OPEC production cut ‘imperative’

Saudi Energy Minister Khaled al-Faleh attends the 15th International Energy Forum in Algiers on the eve of an informal OPEC meeting on September 27, 2016 © AFP/File / Ryad Kramdi

Algiers, Algeria, Nov 13 – Saudi Arabia’s oil minister said it was “imperative” that OPEC nations finalise an agreement over a cut in oil production aimed at boosting crude prices, Algerian media said Sunday.

Khaled al-Faleh met his Algerian counterpart on Saturday and called on cartel members to stick to the surprise cut deal, reached in Algiers in September.

“In this period marked by unstable oil prices it is imperative to reach a consensus between OPEC nations and to agree on an effective mechanism and precise figures to activate the historic Algiers accord,” Faleh was quoted as saying by Algeria’s APS news agency.

The September meeting of OPEC members produced an agreement to cut the cartel’s output by 750,000 barrels per day, according to Bloomberg News.

Oil rose on news of the deal, but crude prices are still more than 50 percent lower than their mid-2014 levels.

The accord still needs finalising by November 30, when OPEC nations will meet in Vienna.

Faleh said he was “optimistic” that the agreement would come into effect.

OPEC officials said in September that the group would aim for a combined output of 32.5-33 million barrels per day.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...