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| 24 September, 2017

Market decides need for OPEC cut extensions: Algeria energy minister

Algeria's Energy Minister Mustapha Guitouni attends a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017.

Algeria's Energy Minister Mustapha Guitouni attends a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017.

REUTERS/Anton Vaganov


By Ahmad Ghaddar

Conditions in the oil market will dictate whether the OPEC/non-OPEC production cut agreement, which expires in March 2108, will need extending, Algerian Energy Ministry Mustapha Guitouni told Reuters in an interview in Vienna on Friday

He said OPEC member Algeria was committed to its share of the cuts and to bringing "balance in the oil market"

Asked if OPEC will look at extending the deal in its next regular meeting in Vienna in November, he said: "I can't tell you that. We don't know ... what the oil market will be like then"

OPEC and non-OPEC countries led by Russia agreed last year to cut production by 1.8 million barrels per day to help balance the oil market (Reporting by Ahmad Ghaddar; Editing by Mark Potter)

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