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The OPEC flag and the OPEC logo are seen before a news
conference in Vienn
Thomson
Reuters
(Reuters) – OPEC experts discussing how to implement a plan to
cut oil output are likely to reach agreement later on Tuesday, a
Nigerian delegate said, a possible sign of progress in finalizing
the group’s first supply-limiting deal since 2008.
The High-Level Committee – a technical body comprised mainly of
OPEC governors and national representatives who report to their
respective ministers – started a second day of talks at OPEC
headquarters in Vienna at about 0930 GMT (4:30 a.m. ET).
The committee does not decide policy. It will issue
recommendations to OPEC’s next ministerial meeting, on Nov. 30.
The key issue before the committee is how to implement a
September agreement by the Organization of the Petroleum
Exporting Countries to reduce production to between 32.5 million
and 33 million barrels per day – an effort to prop up prices.
OPEC’s deal faces potential setbacks from Iraq’s call for it to
be exempt and from countries including Iran, Libya and Nigeria
whose output has been hit by sanctions or conflict and want to
increase supply.
But arriving for the meeting, a Nigerian OPEC delegate said all
countries should be in agreement by the end of the day and that
the committee was discussing a six-month duration for the
output-limiting plan, starting in January.
«The likelihood is that everybody will be on board by the end of
today,» Nigerian delegate Ibrahim Waya said. Asked whether that
included Iran and Iraq, he replied: «Everybody.»
Delegates attending the first day of talks on Monday were upbeat,
in contrast to a meeting in October. Sources said one of the
issues then was the level at which Iran should limit output.
Algeria said last week Iran was not a problem.
But in a reminder of remaining challenges, Iraq’s foreign
minister said on Tuesday in Budapest that OPEC should allow Iraq
to continue raising output with no restrictions.
OPEC’s talks are now focusing on limiting supply to 32.5 million
bpd, one delegate said on Tuesday. Saudi Energy Minister Khalid
al-Falih urged OPEC last week to cut supply to the low end of the
agreed range.
«We’re going to continue until November 30 if necessary to make
everything smooth for the ministers,» the OPEC delegate
said.
(Editing by Dale Hudson)
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.
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