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OPEC to meet before November 30, if consensus reached on September 28 — source

September 27, 2016, 14:35 UTC+3 ALGIERS

According to OPEC Secretary General, Russia will not participate in OPEC meeting on September 28

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ALGIERS, September 27. /TASS/. OPEC might hold an extraordinary meeting before November 30 if a consensus is reached at the informal meeting of oil exporting countries on September 28 within the framework of the International Energy Forum in Algiers, a source in OPEC administration told TASS on Tuesday.

"If tomorrow (September 28 - TASS) they will come to some agreement, an extraordinary meeting will be announced," the source told TASS. According to the source, in this case, the meeting will be held before the next scheduled session on November 30.

Venezuela’s Oil Minister Eulogio Del Pino told journalists on Tuesday that Russia will not participate in OPEC meeting on September 28, saying, "No, it will not, because it is an informal meeting."

OPEC Secretary General Barkindo confirmed OPEC informal meeting on September 28 will be held without Russia.

On September 5, Russia and Saudi Arabia have agreed on measures - joint or in cooperation with other oil producers - with the aim of maintaining stability on the crude market and providing a sustainable level of long-term investment.

According to a joint statement signed Monday by Russia's Energy Minister Alexander Novak and Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, the ministers recognized "the current challenges in the supply side of the global oil market, including major contraction of capital investments in oil extraction on a global scale, particularly in exploration, as well as mass deferrals of investment projects, which made the market, as a whole, more volatile and therefore unsustainable to both producers and consumers in the long term," as well as "an imperative to mitigate excessive volatility harmful to global economic stability and growth."

Also, "the ministers agreed to continue consultations on market conditions by establishing a joint monitoring task force to continuously review the oil market fundamentals and recommend measures and joint actions aimed at securing oil market stability and predictability," the document said.

On April 17, representatives of 18 oil-producing nations met in Doha, Qatar to discuss freezing oil production cap, but failed to reach agreement.

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