OPEC meetings: More countries involved, trickier to reach deal
Baku, Azerbaijan, Nov.1
By Leman Zeynalova – Trend:
The inclusion of more countries in the discussion on oil output makes reaching decisions more difficult, not easier, Edward Chow, a senior fellow in the Energy and National Security Program at the Center for Strategic and International Studies (CSIS), told Trend Nov.1.
He was commenting on the recent meeting of OPEC and non-OPEC oil producing countries in Vienna.
“It was always going to be difficult to reach an agreement after the initial understanding reached in Algiers,” said Chow. “In fact, these OPEC/non-OPEC meetings risk raising market expectations and then disappointing them.”
Officials and experts from OPEC countries and non-OPEC nations including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia met for consultations in Vienna on Oct.29 and only agreed to meet again in November before a scheduled regular OPEC meeting on Nov. 30.
OPEC and non-OPEC countries said in a joint statement that the meeting on Oct.29 was a "positive development" towards reaching a global output limiting deal on Nov. 30.
In September, OPEC producers agreed during the informal meeting in Algiers to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC in November.