OPEC May Hold Formal Meeting in Algiers as Oil Glut Persists

  • Algeria urges 1 million barrel-a-day cut in world crude supply
  • Oil needs six months or more to stabilize at $50-$60: Bouterfa

OPEC may turn its planned informal meeting in Algiers next week into a formal session as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said.

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