ALGIERS, Nov 24: Opec President Chakib Khelil on Saturday urged oil-producing countries outside the cartel to agree a bigger cut in output to stabilise tumbling crude prices.

He said the Organisation of Petroleum Exporting Countries (Opec) would trigger its 1.5 million barrels per day (bpd) production cut only if a rival non-Opec grouping pulled 500,000 bpd from the market.

The total in production cuts announced so far by non-Opec countries nears only 300,000 bpd and we are still awaiting more efforts (from them), Khelil, who is also Algeria’s energy, minister told reporters.

Khelil said talks were underway with oil producers from the grouping to reach a deal before January and noted what he termed “a flexibility and an openness from them to contribute to stabilise prices”.

The minister was referring to oil producing countries such as Russia, Mexico and Norway.

We continue a dialogue with the non-Opec grouping to convince them to share the efforts.

These countries should take part in these efforts aiming to stabilise the crude prices, currently under the $20 per barrel line, Khelil said.

Asked whether an offer to curtail output by 50,000 bpd by world second largest oil producer Russia in the fourth quarter was enough to prop up prices, Khelil said:.

This is an appreciable effort and we are in talks with all other non-Opec members, but we are not asking Russia only (to cut) but all other non-Opec members to contribute to the 500,000 bpd cut.

If the reduction is limited to only 1.5 million bpd, the (crude) prices will collapse and all the (producing) countries will be the losers, he added.

Khelil said a meeting with the CEO of Russia’s largest oil company Lukoil was scheduled for December 3, in Algiers but declined to say what the talks would focus on.

I will receive him here (in Algiers) and we’ll see, he added.—Reuters