After Iraq .. Saudi Arabia likely to freeze oil production of OPEC to support prices

2016/9/2 13:07

[Oan- follow-up]

Saudi Foreign Minister Adel al-Jubeir said on Friday he was optimistic oil producers move towards adopting a common position regarding crude production.

Last week, Prime Minister Haider al-Abadi said Iraq's second-largest producer in OPEC after Saudi Arabia will support any decision to freeze oil production levels in order to strengthen prices, although oil minister, Abdul-Jabbar Laibi said before that the ministry wants to increase production.

He said al-Jubeir told reporters on the sidelines of his current visit to Japan, "we begin to hold a meeting place for ideas, but there are currently underway in accordance with and we'll see what happens in the Algiers meeting, and I am optimistic."

It is scheduled to hold members of the Organization of Petroleum Exporting Countries [OPEC] an informal meeting in Algeria on the sidelines of the International Energy Forum, which will be held between 26 and 28 September, it is expected to seek through it to revive a global agreement to stabilize production levels.

It is also expected to attend the Russia Energy Forum, though Russian Energy Minister Hun Friday of the possibility of talks regarding the installation of production.

Collapsed last meeting on the stabilization of production in April in the Qatari capital Doha after Iran refused to freeze its production level as it seeks to regain market share after the lifting of sanctions.

Jubair said, "ultimately will control the supply and demand and market forces in the oil price, there may be some arrangements related thereto between producers, but not at the expense of Saudi Arabia, we abandon play the role of the product is likely a policy for more than 20 years."

He said the Saudi foreign minister, "the proposals that we have made have not been implemented in the last meeting in Doha because of Iran's insistence on getting a blank check now and I think that other producers are now seeing that the Saudi position is right."

Sources in OPEC and the oil sector, told Reuters last month that Iran is also sending positive signals that it may support joint action to strengthen the oil market.