Algeria, Russia vow commitment to rebalance oil market

Source: Xinhua| 2017-10-11 05:29:16|Editor: yan
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ALGIERS, Oct. 10 (Xinhua) -- Algeria and Russia on Tuesday underlined convergent views to rebalance the oil market through cutting oil output by almost 1.2 million barrels per day.

The slashing of output is in accordance with the Vienna Agreement signed earlier this year.

Visiting Russian Prime Minister Dmitry Medvedev made the remarks after signing here with his Algerian counterpart Ahmed Ouyahia five cooperation agreements between the two countries.

"Algeria and Russia share convergent views, including in terms of the necessity to cut output to bring back balance to oil market, in line with what was agreed in Vienna," Medvedev said.

"Russia has endorsed the message of (Algerian) President Bouteflika to Vienna general meeting between OPEC and non-OPEC members (held earlier this year), thanks to which an agreement was reached to cut output," the Russian PM noted.

He further called upon OPEC and non-OPEC oil producers to respect the implementation of Vienna Declaration, hailing "Algeria's compliance with production levels set out in the said agreement, which likely to help stabilizing the market, providing oil prices at reasonable levels, increasing revenues and ultimately creating new growth opportunities."

For his part, Ouyahia said that "dialogue is continuing on the Vienna Agreement with a view to ensuring compliance with its recommendations."

He further hailed Russia's contribution to the mobilization non-OPEC producing countries to join the Vienna Agreement.

Medvedev has wrapped up on Tuesday night his two-day visit to Algeria.