• 4 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 6 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 8 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 9 hours Schlumberger Warns Of Moderating Investment In North America
  • 10 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 11 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 12 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 14 hours New Video Game Targets Oil Infrastructure
  • 15 hours Shell Restarts Bonny Light Exports
  • 17 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 23 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

What’s Stopping An Oil Price Rally?

Oil prices rallied in Q3…

Alt Text

Why Petrol Powered Cars Aren’t Going Anywhere

Internal combustion engines are still…

Iran, Iraq Bow Out Of Next OPEC Meeting

Traders Stock market

Iran and Iraq will not send their oil ministers to an OPEC meeting scheduled for this week on the sidelines of the World Energy Congress in Istanbul, Turkey. This is according to sources close to the two countries, quoted by Reuters.

That meeting was actually going to be more of a series of bilateral talks, according to one of the sources that spoke to Reuters, probably dedicated to hammering out the details of the production freeze to be discussed at OPEC’s November meeting in Vienna. A final decision, in other words, will not be reached in Istanbul.

The absence of two of OPEC’s biggest producers suggests this final decision on the freeze might turn out to be even more challenging than already believed.

Iran was the first to throw a wrench in the workings of the freeze deal as it was being negotiated. When Saudi Arabia made the biggest concession so far, pledging to reduce its output if Iran froze its own at August levels (3.6 million bpd), Oil Minister Bijan Zanganeh said Iran would first like to restore its daily production to 4 million bpd and above.

It was this statement by Iran’s oil minister that dampened already weak hopes that a deal could be agreed at the Algiers meeting of OPEC. The meeting then came and went without a final agreement, but with Iran agreeing to talks in November, after getting what it wanted: it’s possible that the country will be able to ramp up its daily output to 4 million barrels by November 30.

Then Iraq spoke against the method OPEC uses to calculate each member’s production quota. If an agreement is reached in November, there will be new quotas for every member, and Iraq wants these to be based on self-reported daily production rates. These, however, are frequently higher than the figures reported by external sources, even though they don’t reflect the actual production as accurately.

All in all, the absence of Bijan Zanganeh and Jabar al-Luaibi from this week’s meting hints at the serious difficulties OPEC will encounter when the final negotiations on a freeze begins.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News