Algiers oil meeting – waste of time?
Baku, Azerbaijan, Sept. 23
By Aygun Badalova – Trend
Despite public optimism regarding the upcoming meeting of oil producers in Algiers, sources from several key OPEC states say they cannot join any coordinated action on output, International Oil Daily (IOD) reported.
The informal OPEC meeting is expected in late September in Algiers. 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 from 26-28 September.
Earlier Algerian Energy Minister Noureddine Bouterfa said that OPEC may turn its planned informal meeting in Algiers into a formal session as it seeks ways with other producers to cut crude supplies by one million barrels a day to re-balance markets and stabilize prices.
At the same time Iran’s position regarding oil production freeze deal remains unchanged – the country would need to reach the pre-sanctions outpul level of some 4 million barrels a day before joining any potential agreement.
Aside from questions around which countries should be excluded, member states also have not been able to agree on which month would be a reference month for any freeze, sources told IOD.
Delegates from OPEC quartet Saudi Arabia, Iran, Qatar and Algeria held a technical meeting in Vienna on Thursday, as a precursor to the Algiers event, with the intention to come to a common view on the market. But sources say the officials found little common ground.
The gathering was described by one Gulf OPEC delegate as a "waste of time".