Some OPEC ministers likely to meet in Doha on Friday - Algerian source

Image
Reuters ALGIERS
Last Updated : Nov 16 2016 | 2:42 PM IST

ALGIERS (Reuters) - A number of energy ministers from OPEC oil-producing countries are likely to meet informally in Doha on Friday to try to build consensus over decisions taken by the full group in September in Algiers, an Algerian energy source said.

At the September meeting, OPEC agreed on modest, preliminary, oil output cuts in the first such deal since 2008, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by wars and sanctions.

Doha this week is hosting a meeting of the Gas Exporting Countries Forum (GECF). Industry sources said on Tuesday that the Saudi Arabian and Russian energy ministers might meet on the sidelines of the forum.

The GECF unites 12 countries including Russia and OPEC members Algeria and Iran. Saudi Arabia is not a member but Energy Minister Khalid al-Falih was due to travel to Doha this week for meetings with peers.

The agreement made in Algiers is expected to be finalised at the next meeting of the Organization of the Petroleum Exporting Countries on Nov. 30 in Vienna, but disagreements persist among OPEC members and non-OPEC Russia on the details of the deal.

Iran, which remains one of the main stumbling blocks to a final deal, has refused to cap production below 4 million barrels per day as it seeks to regain market share lost under sanctions.

Russia has said it prefers to freeze output while OPEC wants Moscow to contribute to cuts.

(Reporting by Lamine Chikhi; Writing by Aidan Lewis; Editing by Patrick Markey and Dale Hudson)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Nov 16 2016 | 2:31 PM IST

Next Story