Ecuador hopes OPEC will reach agreement in Algeria, warns of risks
01:03, Sep 27, 2016
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The losses were attributed to Bloombergreporting the comments from unnamed OPEC delegates that the Saudis do not expect a deal coming from Organization of the Petroleum Exporting Countries (OPEC) members and non-members when they meet in Algeria next week.
If the world's biggest oil producers agree to freeze output when they meet in Algiers later this week, they must slash supply to support a protracted price rally, according to two-thirds of the 250 worldwide energy executives operating across the Gulf who participated in the GIQ poll on September 22. While Saudi Arabia and Iran didn't reach an agreement after two days of preparatory talks in Vienna, the kingdom did offer to pump less crude if Iran caps output at current levels, according to two people familiar with the negotiations. It would join comprehensive output-freeze discussions only after Opec members decide on the issue at their own meeting, they .
"Iran have still not responded to Saudi Arabia's offer to mutually freeze production, possibly indicating that it may be hard for them to agree a deal on Wednesday".
If agreed, such a deal would shift Saudi Arabia's strategy of defending its share of the global market, despite falling prices, at the expense of other producing countries, especially those where oil production is more expensive.
"Given that Opec has failed to agree much of anything in the last 12 months, it seems unlikely that it will start now, though it could kick the oil barrel towards the November meeting", Michael Hewson, chief market analyst at CMC Markets UK, said.
The price falls may also be related to an increase in crude supplies.
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Oil prices have collapsed from more $100 a barrel in mid-2014 to near 13-year lows below $30 in January.
Some ministers and officials expressed hope that a deal could emerge this week.
The Indian basket, composed of 73 per cent sour grade Dubai and Oman crudes, with sweet grade UK Brent making up the rest, closed trade on Friday at $44.70 per barrel.
Still, he's optimistic the group can agree to at least freeze production. Iran is now producing close to 3.6 million barrels a day and will find it extremely hard to increase its production significantly beyond this level.
The impasse between the Middle East neighbours dims the prospects that OPEC and Russian Federation will cooperate to curb a global supply glut next week - already seen as unlikely by market watchers.
"The prices would not rise immediately at the worldwide market, because they (oil prices) also depend on other factors, including the global growth rate as well as supply and demand, " Mebtoul told local Ennahar TV.
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