Algiers, 22 July-(ANA)-The Organization of the Petroleum Exporting Countries (OPEC) may need to cut output in September if crude demands continue to fall, Algeria's energy and mines minister, Chakib Khelil has said.
The OPEC which next meets on 9 September to reconsider its policy, said it will reduce production by 4.2 million barrels per day from last September's output.
OPEC delivered an estimated 80 percent of its promised cuts early this year.
Compliance has since fallen to about 70 percent, but Mr Khelil said it was good.
Mr Khelil, said he expected stocks would fall to a “comfortable” 52 days of future demand next year.
He said, the oil market was not reflecting fundamentals of supply and demand, and a rally that took crude to a peak above US$73 a barrel late last month was driven by expectations that the global economy would soon rebound.
Algeria is the third-smallest oil producer among OPEC’s 12 members.(ANA)
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