Algerian energy minister said Saudis made production offer
Algerian oil minister Noureddine Boutarfa spoke to Bloomberg on Sunday and offered some hints at what is on the table ahead of Sept 28 talks.
Saudi Arabia pumped a record 10.69 million barrels a day in August compared with 10.2 million in January but is will to lower production back down, he said, calling that "an interesting step." I think this headline could boost oil at the open, but the offer probably wasn't serious. It was contingent on Iran capping output at current levels, which is something they won't contemplate.
Boutarfa said that others have made proposals as well, without detailing them.
Boutarfa added that his collective goal is to lower output by 1 million barrels par day. He called the situation "much more critical" than in January.
WTI crude fell nearly 4% on Friday.
