Oil - producing countries will meet today to freeze production

Views 29 Date 28/09/2016 - 16:39

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Meet members of the Organization of Petroleum Exporting Countries Countries (OPEC), on Wednesday evening, on an informal basis in an attempt to reach an agreement that would allow the lifting of collapsed prices since mid-2014, while diminishing the chances of reaching an agreement between the oil-producing countries because of Iranian intransigence.

Iranian officials and lowers expectations for the conclusion of the production of the oil agreement and said that the OPEC meeting, "consultation", and renewed their pledge to increase production.

As expected, significant differences emerged between Iran and Saudi Arabia, two major powers in the Middle East, which is an indication to block any deal.

The comment came the Iranian oil minister, Bijan Zanganeh, to the media, the government of Iran, to coincide with the arrival of energy ministers from around the world to Algeria to attend a three-day conference, scheduled to be the most important told him on Wednesday to meet informally of the Organization of Petroleum Exporting Countries (OPEC).

And considering the organization, with 14 countries, its production ceiling limits, otherwise known as the freezing of production, which some Member States hopes it will raise oil prices after two years of decline, according to a report published by the Wall Street Journal, US, on Tuesday.

Oil trading prices have increased by 3% on Monday, in the hope that the OPEC agreement leads in Algeria to mitigate the effects of the global surplus of oil. But Zanganeh said, on Wednesday, said the talks are only negotiations before the league meeting of OPEC to be held on the thirtieth of November in Vienna.

Zanganeh said to Shana, the government information service related to Iran's petroleum sector, Algeria talks "can be seen as a preparation, as is now being equipped to stabilize the market."

The OPEC, under the leadership of the largest producer, Saudi Arabia, has abandoned its traditional role by cutting production, making oil more scarce to raise its price in the market, so when oil prices fell in 2014.

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