|Published : 12 Oct 2016, 14:24:02|
OPEC, key producers to discuss six-month oil deal
OPEC is scheduled to hold talks with non-member oil producers Wednesday in a bid to hammer out details of a global agreement to cap production for at least six months as Russia lent its support for the plan.
Ministers from OPEC members embarked on a flurry of talks at an energy conference in Istanbul to shore up support for the OPEC deal they agreed in Algeria last month hoping to adopt it at the end of November.
Oil prices that have more than halved since mid-2014 as global supplies swelled.
"I can say that many countries from outside OPEC are willing to join ... we are not talking about support, we are talking about contribution," Saudi Energy Minister Khalid al-Falih told Reuters on Tuesday in Istanbul.
Representatives of some OPEC members and non-OPEC countries including Russia, Azerbaijan and possibly Mexico will hold a round-table meeting at 1100 GMT on Wednesday on the sidelines of the World Energy Congress, according to OPEC ministers.
Any deal would initially be applied over six months and then reviewed, OPEC Secretary General Mohammed Barkindo said. -Asfar