Algerian Oil Min said that OPEC producers may decide to hold an extraordinary meeting if a consensus is reached at the informal gathering at Algeria which concludes this on Sept. 26-28. OPEC Secretary-General Mohammed Barkindo was optimistic about the meeting.
No major decisions will be made during talks with OPEC and non-OPEC producers at Algeria, discussions will only be consultations. Barkindo has said the group is not seeking a definite price range for oil but stability for the market.
Russia, Iran and other major oil producers are due to take part in the Algiers meeting. Saudi Arabia and non-OPEC member Russia agreed this month to cooperate in oil markets, saying they could limit future output.
Algeria’s Energy Minister Noureddine Bouterfa last week said there was a consensus among OPEC and non-OPEC members about the need to stabilize the oil market, and has been pushing for a price around $50 to $60 a barrel. Venezuelan President Nicolas Maduro also echoed the views that OPEC and non-OPEC producers are close to reaching an output stabilizing deal.
After slumping to multi-week lows on Friday amid worries returning supplies from Libya would add to the global supply glut, oil prices saw a nice rebound on Monday. Both crude benchmarks are extending moderate gains on Tuesday.