If the meeting in Algiers representatives of oil-producing countries fail to agree on joint action, oil prices could fall below $ 20 per barrel. On Tuesday, September 27, said the Minister of petroleum and mines of Venezuela, Eulochio del Pino (Eulogio Del Pino in an interview to Russia Today TV channel.
Venezuela is in constant contact with Saudi Arabia and Iran, the Minister said. “If we reach agreement, we will be involved in a price war in which prices may crash below $ 20 per barrel,” he said.
00:02 September 15, 2016
meanwhile, oil Minister of Iran Bijan Zanganeh (Bijan Zanganeh said that he arrived at the international energy forum in Algeria only to exchange views, reports TASS.
At the same time, the Minister of oil of Iraq has not ruled out joining the agreement to limit the production. “Everything is possible for the benefit of OPEC and its members,” — said the Minister of oil of the Republic Jabbar al-Laibi (Jabar Hussein Ali al-Luaibi). OPEC will discuss a possible period of freezing production at an informal meeting on 28 September, he added.
According to the 12:20 GMT 27 September Brent crude on London exchange ICE is trading at 47.24 dollars per barrel, which is 1.44% less than at the close of the previous session.
23 September, the sources said that Saudi Arabia is ready to cut oil production if Iran agrees to freeze its production. Before it was reported that the Kingdom increased production to a record high of 10.67 million barrels a day.
Iran has sharply increased its production in the first months of 2016, when the oil embargo the EU and the USA was reversed. Tehran seeks to reclaim during this time, the markets in Europe and Asia.
an Informal meeting of OPEC will be held on 28 September in Algeria. As expected, it will discuss the limits of oil production.
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