Several members of the Organization of the petroleum exporting countries (OPEC) advocate that in September again to discuss the possibility of limiting oil production, reports The Wall Street Journal, citing familiar with the situation sources.
In the spring of 2016, the idea of limiting the volume of oil production with the aim of increasing oil prices was discussed at the talks in Qatari Doha, however, the agreement then the parties failed. Against the deal were Iran refused to freeze the prey just at the moment when local oil companies have only started to increase after the lifting of Western sanctions.
Since April, the volume of daily oil production in Iran has increased by approximately 180 thousand barrels — up to about 3.6 million barrels. Earlier, Iranian officials said would be willing to discuss freezing after the oil production in the country will reach the level of 4-4. 2 million barrels per day, notes the WSJ. Press Secretary of the Ministry of petroleum of Iran declined to comment.
Representatives of some OPEC countries assuming agreement on the freezing of oil production may be concluded at the end of September 2016, after the holding in Algiers of the International energy forum, the newspaper said. In the opinion of interlocutors of WSJ, by the time Iran can bring production to a sufficient to start the negotiations level.
The WSJ notes that the number of States of OPEC (including Venezuela, Ecuador and Kuwait) advocate the coordination of efforts of the oil cartel with non-EU countries, including Russia. Saudi Arabia and its allies want to avoid further price declines and therefore will support any cooperation between members and non-members of OPEC, said a source informed about the policy realm.
The representative of Ecuador to the OPEC Wilson Pastor Morris on Friday going to meet with the Secretary General of OPEC, Mohammed Barkindo, said the source. According to the source WSJ, Ecuador will seek talks on the coordination of efforts to resolve the oil production in the fields of the Algerian energy forum. In connection with the new reduction in oil prices the imposition of restrictions becomes a necessity, he said.
In the course of trading on the ICE exchange on Friday, the price of a barrel of Brent dropped to $43,52, 1.74% below the closing level on Thursday.
The representative of the Ministry of energy on Friday announced that TASS that his office had not received an official invitation from OPEC to participate in the meeting of the countries — exporters of oil in Algeria.