• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 3 hours China wields coronavirus to nationalize American-owned carmaker
  • 11 hours Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 15 hours The Truth about Chinese and Indian Engineering
  • 14 hours China's impending economic meltdown
  • 3 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 17 hours Why Oil could hit $100
  • 1 day The World is Facing a Solar Panel Waste Problem
  • 3 days The Core Issue Of US Chaos..Finally disclosed
  • 1 day Pompeo upsets China; oil & gas prices to fall
  • 5 hours Open letter from Politico about US-russian relations
  • 19 hours Brent above $45. Holding breath for $50??
  • 7 hours Rational analysis of CV19 from Harvard Medical School
  • 2 days Sell Natural Gas Benefits to Grow the Market!
  • 2 days Trump Suggests Delaying Election Amid Fraud Claims
Trump Vows To Revive U.S. Oil Industry

Trump Vows To Revive U.S. Oil Industry

U.S. President Donald Trump touted…

Oil Buyers Profit From A Wave Of Cheap Fuel

Oil Buyers Profit From A Wave Of Cheap Fuel

Hedge funds and institutional oil…

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