OPEC members and Russia have substantial issues to work out before reaching a deal to limit oil production, but still expect to make progress toward a comprehensive deal, energy ministers said. Algeria's oil minister, Nourredine Bouterfa, said there was still a chance a deal could be sealed this week when the Organization of the Petroleum Exporting Countries meets on the sidelines of a conference here. But Bouterfa, one of the biggest advocates of new limits on OPEC production, acknowledged that the meeting may produce only "the elements of an agreement." "We can't come out empty-handed," Bouterfa said, warning that oil prices could drop from $45 a barrel today back into the $30s if OPEC fails to come to terms this week. Bouterfa's comments Sunday signaled that even if OPEC fails to reach a deal this week, the 14-nation cartel will continue talking about curbing production this fall as it heads into its next official meeting in Vienna on Nov. 30. OPEC Secretary General Mohammad Barkindo said a week ago that the meeting was for consultations only, not for a decision. He later clarified that the cartel could reach a deal later if a consensus emerged. Delegates in the cartel have said the Algiers meeting is aimed at starting discussions they hope will lead to an agreement at the formal OPEC meeting in Vienna. Source: MarketWatch
