the Meeting with Opecs expert committee was to nail the deal it produksjonskuttet ended Friday without an agreement.
When the talks are taken up again Saturday is also Russia, Kazakhstan, Mexico, Oman, Azerbajan, Brazil and Bolivia to the present, writes Reuters.
– All agree except for Iran, says Opec source to the news agency.
There was no appointment in the day since Iran refuses to freeze his production, ” says another.
According to a third source is the conversations more and more complicated every day.
– Every day it’s something new that comes up, ” says the unnamed source.
Agree on the goals – not a means
At the beginning of October, the Opec countries agreed on a produksjonskutt on 740.000 barrels daily between 32,5 and 33 million barrels.
Six key issues Opec countries must find the answer on
How the cuts should be allocated is, however, not agreed to. According to oljeanalytiker Thina Saltvedt, Nordea is the key in three countries: Saudi Arabia, Iran and Iraq.
Iran wants to increase its production after the sanctions against the country were suspended, and Iraq has had rounds to increase production after Saddam Hussein’s regime fell. At the same time do not want Saudi Arabia to be the only one who cuts, wraps up she is.
She believes, however, that it is possible for the cartel to agree without Iran and Iraq.
– It is difficult, but possible. It is not the first time this cartel has had challenges, ” she says and adds:
– If you’re going to have a crew that works so can’t all just continue to increase their production. When must all, in any case, freeze the production in a period.
don’t Think they reach the goal
this Weekend’s meeting is a forberedelsesmøte ahead of the official Opec meeting in late november.
chief analyst for commodities Bjarne Schieldrop at SEB, wrote in a analysenotat Wednesday that he still has faith that the nations will come to an agreement when they meet again at the end of next month.
He thinks not, however, that the trust will achieve the goal of a maximum of 33 million barrels.
- Opec stands for the Organization of oil-exporting countries (Organization of the Petroleum Exporting Countries).
- the Organization is considered a cartel, and has its headquarters in Vienna.
- Algeria, Angola, The united arab emirates, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia and Venezuela are members of Opec. Other important manufacturing country as Russia, the USA and Norway, are outside.
Source: NTB
– A cut from the current 34.6 million barrels per day to 33.5 new should be possible for the OPEC, and in this case, Saudi-Arabia to reduce his production by about 10 million barrels daily, type Schieldriop.
If, however, they manage to agree on the max of 33 million barrels, the price of oil, according to Thina Saltvedt get up in the 60′s in the middle of 2017. If they manage to cut all the way down to 32.5 million barrels, it can happen even earlier.
The oil prices we have now are in addition driven by expectations ahead of the meeting. If they cannot agree can oil prices come down to a path of 45-50 dollars a barrel again, ” says Saltvedt.
When the surprising message that the Opec was agreed produksjonsfrys came in september black markets with a rally in the sector.
Still overskuddslager
Oil minister Tord Lien warns us against believing that Opec can solve the oljeproblemene our
– The physical market is still in surplus and the current overskuddslager of around 300 million barrels require our collective and urgent action, ” said the Opec chief, Muhammad Sanusi Barkindo in the opening speech Friday.
crisis-hit Venezuela should have been among the initiators of the meeting. They believe oil production should be cut by around ten per cent.
When Iran’s president Hassan Rouhani at the beginning of October indicated that he will cooperate to get to a produksjonsfrys, rose, oil prices quickly.
All countries should help ekspertkomiteen to take decisions that raise the price of oil at the november meeting, ” said Rouhani to the state news agency IRNA.
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