(Ecofin Agency) - Algerian Energy Minister, Noureddine Bouterfa (photo), has said that members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members must reduce crude oil supplies by 1 million barrels per day so as to stabilize the markets and bolster prices.

Oil has been fluctuating since August on talks that OPEC and Russia will meet next week in Algiers to agree on a plan to support prices.

According to Bouterfa, the 14 member-cartel pumps more than 33 Mmbopd and will increase even more if no action is taken.

“The question is at what level we would freeze or reduce output—we need to find the good compromise in order not to destabilize the market. It’s necessary at least to reduce by 1 MMbopd to re-balance the market. Will we get there? We are working for that,” he said.

While Venezuelan President, Nicolas Maduro, is saying that the group’s members are close to a deal, OPEC’s secretary-general said an extraordinary meeting is possible if ministers reach a consensus at the meeting next week.

Mohammed Barkindo said that the group will reach an agreement in Algiers that would last one year, but did not say whether they would discuss a deal to freeze production.

Brent crude dropped by 1.5% at $45.27/bbl on Tuesday and Bouterfa has said that oil needs a further six to nine months to stabilize within a range of $50 to $60.

The International Energy Agency (IEA) in its monthly report said that the glut in the global oil markets will last longer than expected, continuing till late 2017 as demand growth falls and oversupply increases, World Oil reports.

Anita Fatunji