OPEC head says group committed to Algiers output deal

The secretary general of the Organization of the Petroleum Exporting Countries (OPEC) said on Monday the group was committed to a deal made in Algiers in September to cut output.

“We as OPEC we remain committed to the Algiers accord that we… put together. All OPEC 14 we remain committed to the implementation,” Mohammed Barkindo said in remarks to reporters at the ADIPEC conference in Abu Dhabi.

“We have no price objectives… inshallah (God willing) with the implementation of the Algiers accord and cooperation of the non-OPEC member countries, the rebalancing process will be brought forward in 2017.”

OPEC officials met in Vienna last month to work out the details of the Algiers plan to reduce oil production, but failed to reach agreement. The High Level Committee of experts will meet again in Vienna on November 25 ahead of the next meeting of OPEC ministers on November 30.

“Russia is on board.. I will not disclose details,” Barkindo added, when asked whether he expected the non-member country to take part in a cut or a freeze of production.