Moscow. 26 Nov. INTERFAX.RU – Meeting of experts of OPEC and countries outside the cartel, scheduled for November 28, is cancelled, instead the delegates of OPEC will hold further internal talks to discuss their differences, Bloomberg reported, citing participants in the talks.
on the Eve of one of the delegates of the expert meeting, OPEC reported that Saudi Arabia will not send a representative to the expert meeting of OPEC and non-OPEC on November 28. According to him, Saudi Arabia wants to reach an agreement within the cartel, before discussing the agreement with other countries.
Differences between Saudi Arabia and Iran, the leaders of the cartel persisted. The Minister of oil of Algeria, Nureddin Boutarfa on Saturday introduced a colleague from Iran, Bijan Namdar Zanganeh, the proposal to reduce OPEC production by 1.1 million barrels per day, countries-OPEC – to 600 thousand barrels per day.
In September, at an informal meeting in Doha, OPEC agreed to reduce oil production by 700 thousand barrels to 32.5-33 million barrels per day. The decision should be issued in Vienna on 30 November. By this time, the OPEC countries must decide on production quotas for each of the cartel members.
Zanganeh said that Iran will consider the proposal, but not confirmed the country’s readiness to participate in coordinated production cuts. At the same time, he said that following the talks, OPEC “may come to a long-term solution for the production and regulation of the market”, reports the words of the Minister Iranian news Agency Shana.
He noted that all OPEC members support the decision on production cuts by the cartel to 32.5 million barrels a day, however, the debate on quotas for each country are ongoing. First, differences remain on quotas for Iraq and Iran.
Iran has been offered special terms on which his quota when OPEC agreements on production cuts was to reach 3.9 million barrels per day. Iran insists on the quota of 4 million barrels per day, which corresponds to the pre-sanctions level of production. Iraq also demanded exceptions when production cuts, arguing that the ongoing fight against terrorist groups. This week, however, the authorities have stated that they are ready to take some of the load on the decline.
Boutarfa next week will also hold a meeting with the Minister of oil of Iraq, according to Bloomberg.
Russian energy Minister Alexander Novak said Saturday that Russia would support OPEC’s position in the measures to stabilize the oil market when the countries of the cartel General consensus within the organization.
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