Algeria proposes 1.1m bpd OPEC cut

AFP, TEHRAN: Algeria has proposed that OPEC members cut 1.1 million barrels of daily oil production to boost prices, Iran's Shana news agency reported yesterday.
Members of the Organi-zation of the Petroleum Exporting Countries are due to meet on Wednesday in Vienna to discuss capping production.
At an informal meeting in Algiers in September, the 14 members agreed to work towards a cut of between 500,000 and one million barrels.
"The Algerian government has proposed a 1.1 million barrel per day cut in OPEC's total output," Energy Minister Noureddine Boutarfa said after meeting with his Iranian counterpart in Tehran.
"We are hopeful that the next OPEC meeting will save the oil market of the current crisis," he said, according to Shana, the official news service of Iran's oil ministry.

Algeria proposes 1.1m bpd OPEC cut

AFP, TEHRAN: Algeria has proposed that OPEC members cut 1.1 million barrels of daily oil production to boost prices,Irans Shana news agencyreported yesterday. Members of the Organi-zation of the Petroleum Exporting Countries are due to meet on Wednesday in Vienna to discuss capping production. At an informal meeting in Algiers in September, the 14 members agreed to work towards a cut of between 500,000 and one million barrels. The Algerian government has proposed a 1.1 million barrel per day cut in OPECs total output, Energy Minister Noureddine Boutarfa said after meeting with his Iranian counterpart in Tehran. We are hopeful that the next OPEC meeting willsave the oil market of the current crisis, he said, according to Shana, theofficial news service of Irans oil ministry.