Oil-rich nations to hold informal talks in Istanbul

The Istanbul skyline

Oil ministers plan to meet in Istanbul to discuss how to implement September’s decision to curb crude output. Ways to include non-OPEC producers in the cuts will be on the agenda at the talks from October 9-13, Venezuela’s Oil Minister, Eulogio Del Pino, said in a government statement on Wednesday. The UAE, Saudi Arabia, Qatar, Algeria and Gabon will be represented at the gathering – the 23rd World Energy Congress – as will non-OPEC member Russia, he said. OPEC, or the Organization of the Petroleum-exporting Countries, is ironing out the fine print of the pact, announced in Algiers, to reduce oil output to 33 million barrels a day. Iran, which is emerging from international sanctions, is exempted from production cuts, while Nigeria has said it won’t comply and Libya’s oil output is far lower than usual.

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