ALGIERS- The objective of Thursday afternoon's meeting of oil producers is to "reach an agreement on a substantial cut in oil output", Algerian Energy Minister Mohamed Arkab said on state radio.

Arkab added that such a cut would be to "rebalance the market for the benefit of producers and consumers".

(Reporting By Hamid Ould Ahmed in Algiers, writing by Angus McDowall, Editing by Catherine Evans) ((angus.mcdowall@thomsonreuters.com; Reuters Messaging: angus.mcdowall.thomsonreuters.com@reuters.net))