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BUZZ-Market decides need for OPEC cut extensions - Algeria energy minister
September 22, 2017 / 3:24 PM / in a month

BUZZ-Market decides need for OPEC cut extensions - Algeria energy minister

Sept 22 (Reuters) -

* Conditions in the oil market will dictate whether the OPEC/non-OPEC production cut agreement, which expires in March 2108, will need extending, Algerian Energy Ministry Mustapha Guitouni told Reuters in an interview in Vienna on Friday

* He said OPEC member Algeria was committed to its share of the cuts and to bringing “balance in the oil market”

* Asked if OPEC will look at extending the deal in its next regular meeting in Vienna in November, he said: “I can’t tell you that. We don’t know ... what the oil market will be like then”

* OPEC and non-OPEC countries led by Russia agreed last year to cut production by 1.8 million barrels per day to help balance the oil market (Reporting by Ahmad Ghaddar; Editing by Mark Potter)

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