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Iraq: Right time for reaching oil deal in Algeria

Oil&Gas Materials 22 September 2016 17:40 (UTC +04:00)
Global oil market circumstances are now more favorable for OPEC and other oil producers to reach a deal at the meeting in Algeria to support the market.
Iraq: Right time for reaching oil deal in Algeria

Baku, Azerbaijan, Sept. 22

By Aygun Badalova – Trend

Global oil market circumstances are now more favorable for OPEC and other oil producers to reach a deal at the meeting in Algeria to support the market, Al Arabiya reported referring to Iraq’s OPEC governor Falah Alamri.

“This time I think a little bit different (than in Doha) because circumstances are little bit better, helping (producers) to reach a deal,” Alamri said.

Speaking at the Gulf Intelligence Energy Forum in Fujairah in the UAE, Alamri said thatsome oil producers have managed to reach a better market share than earlier in the year and Iran’s output is now higher after the lifting of sanctions, making the time for a deal right.

The informal OPEC meeting is expected in late September in Algeria. It is expected that the talks on oil production freeze will be held between OPEC and non-OPEC countries.

The meeting will be held at the fringe of the International Energy Forum in Algiers from 26-28 September.

Iran’s position on oil output freeze deal is that the country would need to reach the pre-sanctions output level of some 4 million barrels a day before joining any potential agreement.

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