Algeria and Saudi Arabia are optimistic that the Organization of Petroleum Exporting Countries (OPEC) summit in Vienna later this month will reach a fair and balanced agreement to stabilize the oil market, according to a statement from the Algerian Energy Ministry on Sunday.

The statement said that Algerian Energy Minister Noureddine Boutarfa held talks with his Saudi counterpart Khalid al-Falih on Sunday to discuss the forthcoming OPEC meeting in Vienna.

In an OPEC meeting in Algiers in late September, the cartel reached a deal to cut the overall oil output to a range between 32.5 and 33 million barrels per day in a bid to push prices higher.

"The Algiers Agreement is being implemented ahead of the forthcoming OPEC meeting of Nov. 30 in Vienna," said Boutarfa in the statement. "I'm very optimistic that we will reach a unanimous decision in Vienna through which Algiers Agreement would be implemented."

Saudi Energy Minister Al-Falih also spoke highly of the Algiers Agreement, saying he is "optimistic that reason would prevail."

In the last few months, Algeria led considerable diplomatic efforts to persuade OPEC and non-OPEC producers to gather in Algiers to address the slumping oil market.

Algeria says that the oil price of 50 or 60 U.S. dollars per barrel favors both consumers and producers, as it would help producers maintain investments and explore new fields to assure the long-term availability of the key energy product.

(Xinhua News Agency November 14, 2016)