(MENAFN - Kuwait News Agency (KUNA)) (With NRG-2LD OPEC-KUWAIT) ALGIERS, June 22 (KUNA) -- Algerian Energy Minister Mustapha Guitouni said on Friday that the outcomes reached by the 174th meeting of OPEC conference in Vienna were very good enough as they reflect the organization's stability.
The organization is on the right track, and could through wide negotiations among ministers achieve balance between supply and demand, and raise output by one million barrels per day (bpd), he added in a press statement.
He revealed that the OPEC energy ministers agreed that Algeria would host the next meeting due in September, with the aim of assessing the agreement on raising production and its compatibility with the global oil markets and the reality.
The Algerian minister expressed, on the eve of the meeting, his optimism over the agreement, saying that he was very satisfied over the outcomes as they help protect interests of both consumers and producers.
He noted that he held negotiations with a number of OPEC officials in order to bring views closer together that aimed to reach a final deal.
The OPEC earlier today decided to raise output by one million (bpd) at the end of its ministers' meeting. (end) mr.hm