OPEC meeting to be held in Cairo tomorrow

Algerian Energy Minister Shekib Khalil said on Wednesday that Organization of Petroleum Exporting Countries (OPEC) ministers will take an appropriate decision to cut the output ceiling given the non-OPEC states' approval to decrease production by 460,000 barrels per day.

Khalil, Head of the OPEC extraordinary meeting to take place in Cairo on Friday, said the cartel is seeking to realize its targeted price of between 22 to 28 dollars a barrel.

At a press conference with Oil Minister Sameh Fahmy after their meeting, Khalil expressed hope that stability would be achieved in the global oil market.

He added that his meeting with Fahmi was devoted to discussing the possibility of backing cooperation between Egypt and Algeria in the oil and petroleum fields.

Khalil said Egypt was invited to attend the global forum of the countries producing and exporting natural gas, due in Algeria on February 1-3.

Fahmi, on his part, said the meeting dealt with Egypt's importing of Algerian butane gas to cover the needs of the local market and the Egyptian companies' maintenance of undersea pipelines.

He expressed Egypt's welcome of hosting the OPEC ministerial conference for the first time.