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Algerian Energy Minister Mohamed Arkab told the state radio on Tuesday that he is optimistic that they will be able to reach consensus with non-OPEC producers on the oil output cut strategy, as reported by Reuters.

“Maintaining consultations and postponing the OPEC meeting shows a willingness to reach consensus,” Arkab further added. “We agreed to continue consultations with non-OPEC again over a consensus adapted to oil demand and to the market.”

Market reaction

Crude oil prices remain in the positive territory after these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $45.37, gaining 0.7% on a daily basis.