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Algeria Energy Minister to Visit Iraq, Backs Supply Cut Extension

Source: Reuters 5/9/2017, Location: Africa

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Algeria's Energy Minister Nouredine Bouterfa will travel to Baghdad on May 10-11 for talks on OPEC issues with his Iraqi counterpart, the ministry said in a statement on Tuesday, as oil producers consider extending a global supply cut.

Algeria is backing efforts to extend a OPEC-non OPEC deal on output cuts for nine months or more to help support global oil prices, an Algerian industry source said.

"Every dollar increase is in Algeria's interest so we will go in the direction of trying to push prices up," the source said.

The Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to curb production by 1.8 million barrels per day for six months from Jan. 1.

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