• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 17 minutes Shale Oil Fiasco
  • 46 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 11 mins Phase One trade deal, for China it is all about technology war
  • 2 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 6 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 9 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 4 hours Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 8 hours Wind Turbine Blades Not Recyclable
  • 8 hours Might be Time for NG Producers to Find New Career
  • 8 hours Denmark gets 47% of its electricity from wind in 2019
  • 1 day Beijing Must Face Reality That Taiwan is Independent
Alt Text

Expect A Strong Year For Oil Discoveries

Despite the kickback from the…

Alt Text

Massive Oil Product Build Sends Prices Lower

A surprise draw in crude…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Saudi Arabia Just Boosted The Odds Of An OPEC Deal

Expectations for the success of the upcoming OPEC meeting in Algeria continue to seesaw, with comments from top officials from member countries continuing to alter oil market sentiment.

As recently as a week ago the prospects for a deal looked slim. But the favorable comments from several OPEC nations may have cracked open the door to deal just a bit. Earlier this week Iraq’s Prime Minister said that his nation would support a production freeze in Algeria. Separately, Iran said that it would attend the meeting, and although it has not yet deviated from its longstanding position that it would not sign on to a deal until it reached its pre-sanctions production levels, its attendance was seen as a positive sign.

On Thursday, Saudi Arabia, OPEC’s most influential member, also boosted the odds of a deal when its foreign minister said that OPEC members were moving closer to an agreement. "I think there is a move toward a common position, toward a common effort," Adel al-Jubeir said at a conference in Tokyo, according to Reuters. "If other producers were to agree it is reasonable to accept Saudi Arabia to go along with it."

He went on to add that OPEC members are probably more open to negotiation than they have been in the past. "If you want to have an impact then all of us have to shoulder the responsibility, and I believe over the past five or six months, I believe that there has been an increasing realization that this is a collective effort," Al-Jubeir said. Related: The Biggest Wildcard For Oil Prices Right Now

The newfound sense of congeniality between rival OPEC members has upended expectations that negotiations in Algeria were heading nowhere. All of a sudden, the stars seem to be aligning towards a production freeze, although, to be sure, such a policy will hardly limit output levels from OPEC members that are already at record highs.

In another twist, Russia’s energy ministry said that there was no need for talks on a production freeze at the moment. Russia had participated in the earlier iteration of the production freeze talks in Doha in April, but energy minister Alexander Novak seemed to throw cold water on this round of talks. The ministry said that Russia would reconsider resuming negotiations on a freeze if oil prices fell once again.

That is bad news for the prospects of a deal – on the other hand, crude prices are down sharply this week.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment
  • Kr55 on September 01 2016 said:
    How embarrassing it would be for the Saudi's to let another deal fall apart for petty reasons.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play