OPEC announced its determination to restrict crude output

Almaty. November 4. Silkroadnews – The Organization of Petroleum Exporting Countries (OPEC) has expressed confidence in determination of all oil-producing countries to undertake measures on crude output restriction on agreement in principle reached in Algeria in September, TASS reports.

“We are quite optimistic about the fact that the Algerian agreement will be added by a clear, decisive actions by all the oil producing countries”, OPEC statement said.

The organization warned the oil industry analysts against “exercising hasty judgements on the organization and its members”.

The assurances by the cartel in maintaining the course targeted came against the background of crude prices decline observed over recent days and caused by growing skepticism about OPEC’s ability to achieve the Algerian arrangements realization, WSJ notes.

To remind, on September 29 in Algeria OPEC-states agreed to freeze crude extraction to stabilize the prices of raw materials. However, on October 28-29 participants in the technical OPEC meeting could not work out a road map to restrict crude production. Non-OPEC states taking part in the meeting, in particular Brazil and Kazakhstan, said they had no plans to reduce crude output in 2017. An intrigue of the OPEC summit coming on November 30 will be an agreement on crude output restriction to be entered by the cartel members.