Oil exporters will be able to negotiate a stabilization of the oil market if they consider that Iran, Nigeria and Libya have the right to continue to increase production, said Friday, Bloomberg energy Minister of Algeria, Nureddin Boutarfa after a meeting with the head of the Russian Ministry of energy Alexander Novak.
“Iran has the right to increase production to pre-sanctions levels. The same right to have Libya and Nigeria,” said Bouterfa.
Algeria will take at the end of September energy forum, which will be representatives of countries producing and exporting oil. They will try to agree on measures to stabilize the market, where prices over the past two years has fallen by more than two times.
In a statement published on the website of the Ministry of energy Novak said that the upcoming meeting is a good opportunity to discuss the current situation on the market. “We hope that the differences that there are within OPEC, will soon be overcome and a compromise solution will be found,” the Minister added.
“If we reach an agreement in Algiers, it is very good, and if you don’t agree, that’s fine too,” said Bouterfa.
In April, the exporters failed to reach an agreement to limit production, as Saudi Arabia insisted on the participation of Iran, which has said it will increase production after the lifting of sanctions.
Tehran has said that it is too early to limit the catch. Nigeria and Libya are also returned to their previous production levels after after its level fell due to political instability in these countries.