• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 7 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 58 mins The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 11 mins Never Bring A Rapier To A Gun Fight
  • 18 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 15 hours Cost of oil
  • 3 mins USAvChina.com
  • 6 hours Democrats and Gun Views
  • 3 hours Aramco Production
  • 1 day Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 5 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 20 hours Iran says tanker oil sold at sea, buyer sets destination
  • 7 hours Iran in the world market
  • 11 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
Alt Text

Weakening Shale Productivity “VERY Bullish” For Oil Prices

After years of increasing productivity…

Alt Text

A Dramatic U-Turn In Mexican Oil & Gas

Economic headwinds, a failing national…

Alt Text

Analyst: OPEC’s Cuts Actually Destabilize Oil Market

Contrary to its official mission…

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