Wednesday, 31 August 2016

Iran’s oil minister confirms he will join Opec talks on market in Algeria

In Oil & Companies News 29/08/2016

Iran’s oil minister Bijan Namdar Zanganeh will participate in an informal meeting of Opec members next month in Algiers, a state news service reported.
Producers from Opec will meet on the sidelines of an energy policy group in the Algerian capital next month to consider oil market conditions, Opec’s president, Qatar’s minister Mohammed Al Sada, said on August 8.
Saudi Arabia, the world’s largest exporter, is working “to restore balance between supply and demand to support oil prices,” and Opec and non-members will discuss potential steps in Algiers to stabilise markets, Saudi energy minister Khalid Al-Falih said on August 13.
“I will participate in this meeting,” Iran’s Zanganeh was cited as saying by the oil ministry’s news service Shana. Zanganeh had not previously committed to attending the meeting, and he didn’t comment on the position Iran will take at the talks. Zanganeh also said he will meet with Opec secretary general Mohammed Barkindo “in the near future”.
Crude oil has gained about 10 per cent since Opec said it would meet informally to discuss prices and supply. The group has boosted output to record levels since adopting a Saudi-led decision in 2014 to protect its share of global markets by forcing out higher-cost producers. Iran is Opec’s third-biggest producer and is seeking to boost output to levels it had before international sanctions on its oil industry were tightened in 2012.

Source: Bloomberg