Algeria on Sunday said the oil market was oversupplied by 2m barrels a day, making clear it favoured Opec making a deep reduction in its output when the producers cartel meets on Friday.
“It is not clear that we will take the decision to reduce supplies by 2m barrels per day, but it is very likely that we will take a reduction decision this time and another decision later on to ensure price stability,” Chakib Khelil, Algeria’s energy minister and Opec president, told Algerian state television.
