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Algerian and Iranian ministers are optimistic that OPEC will reach an agreement this week to bolster oil prices by cutting production, Iranian oil ministry news service Shana reported Sunday, after a bilateral meeting in Tehran.
«We are very hopeful for a deal by OPEC members on November 30 … Between now and the meeting, Iran and Algeria will continue cooperation to reach a final deal,» Shana reported Algerian energy minister Noureddine Boutarfa as saying.
Boutarfa had come to Tehran to present to his counterpart, Iranian oil minister Bijan Zanganeh, Algeria’s proposal for a 1.1 million b/d cut to OPEC production.
Boutarfa also presented a proposal for certain major oil producers from outside OPEC to contribute to a international pact to bolster the market by reducing output by a combined 600,000 b/d, Shana said. «Algeria’s proposal for OPEC to decrease its production by 1.1 million b/d was given to the Iranian oil minister,» Boutarfa said.
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«The oil price fall, which has been harming the global economy, should be stopped … If OPEC members reach an agreement at the 171st meeting [on November 30], oil prices will reach $50-$55/b in the next year and $60 by the end [of] 2017,» he predicted.
Zanganeh said after the meeting that the Algerian proposal with «a breakdown of each country’s share of a proposed production cut was discussed precisely» by the two officials.
«We will give our opinion about this proposal in the ordinary [OPEC] meeting in Vienna next week,» Zanganeh said.
«If we reach a deal, on which I am optimistic, prices will increase and this is what global economy needs,» he added.
Zanganeh said the two ministers discussed seriously the possibility of exempting Iran, Libya and Nigeria from contributing to any overall production cuts by OPEC.
Asked if Iraq had also asked the group for an exemption, Zanganeh said: «Based on our information, Iraq hasn’t made such request.»
«Everybody agrees with the decision made in Algiers. Now, it’s about how to divide it [the proposed OPEC cut] between the members,» he said, referring to the outcome of an informal OPEC meeting in late September in Algiers on the sidelines of the 15th International Energy Forum.
Zanganeh said he appreciated Boutarfa’s efforts in guiding the ministers to a proposal to cap the group’s crude production at 32.5 million b/d.
«The general current and talks made so far show that OPEC can reach a stable agreement over its production and management of the market,» he added.
–Aresu Eqbali, newsdesk@spglobal.com
–Edited by Irene Tang, irene.tang@spglobal.com, and Tamsin Carlisle, tamsin.carlisle@spglobal.com
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