MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries' (OPEC) late September agreements on oil output freeze already stabilized the market, OPEC Secretary General Mohammad Sanusi Barkindo said Friday.
"Already this decision [Algerian deal] has reversed the market trend positively and reduced relative volatility," Barkindo said speaking at the first Meeting of the High-level Committee of the Algiers Accord in Vienna.
On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole cartel, however, no exact limits for each country have been placed. The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30.
