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A committee set up by the Organization of the Petroleum
Exporting Countries and allied non-OPEC exporters would review
their crude output at a meeting in Algeria next month, he told
reporters while touring an electricity station.
"The production numbers of OPEC and (countries) outside OPEC
will be reviewed at the meeting in Algeria, and before the end
of the current year, there will be an agreement on a mechanism
to monitor output next year," he said.
Oil markets should "remain stable" until the end of the year, he
added.
The committee that will meet in Algeria on Sept.23, known as the
JMCC, is chaired by Saudi Arabia and includes OPEC members
Algeria, Kuwait, United Arab Emirates and Venezuela, as well as
non-OPEC members Oman and Russia.
Iran asked to attend the meeting to defend its market share
which could be impacted by U.S. sanctions due to take effect on
its oil industry in November.
After months of underproduction aimed at bolstering crude
prices, OPEC agreed with Russia and other oil producing allies
to raise output from July.
Saudi Arabia said the deal allowed countries able to produce
more to meet the group's overall conformity level, meaning some
members, such as itself, could make up for shortfalls elsewhere.
Iran, which faces U.S. sanctions, disagreed and criticized Saudi
plans to boost output above targeted levels.
(Reporting Ahmed Hagagy; Writing by Maher Chmaytelli; Editing by
Edmund Blair and Louise Heavens)
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