Al-Falih dashes hopes for oil output deal in Algeria

Saudi Arabia energy minister Khalid al-Falih on Tuesday said the meeting between OPEC and non-member exporters in Algeria is “consultative,” further dimming hopes for an output deal in this round of discussions, a Reuters report said.

“This is a consultative meeting, as said by many of my colleagues. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers today,” Falih was quoted as saying.

He added that he was optimistic about the oil market and that it was beginning to rebalance.

"We are optimistic about the fundamentals. The market is trending in the right direction, slower than what we had hoped for a few months ago but the fundamentals are moving in the right direction,” the minister said.

"From that aspect we are feeling good about the market and I think the rebalancing is here but taking slower than what we had hoped."

The Organization of the Petroleum Exporting Countries (OPEC) members are scheduled to meet on the sidelines of the International Energy Forum, which ends on September 28, in Algeria. Non-OPEC producer Russia is also attending.