In Oil & Companies News 24/09/2016
Saudi Arabia and other OPEC nations are looking at various scenarios in an effort to find common ground by November to stabilise the oil market, a Gulf OPEC source familiar with Saudi thinking said on Friday.
“Our goal is to reach a consensus and look at different scenarios for the production levels of the OPEC countries,” the source told Reuters.
“The technical meeting in Vienna and the ministerial meeting in Algeria will be to build consensus for the official OPEC meeting at the end of November,” the source said.
OPEC countries will meet informally on Sept. 28 in Algeria, where they are widely expected to discuss a potential production freeze. Russia, which is not a member of the Organization of the Petroleum Exporting Countries, is likely to attend.
“We are looking forward to a credible and transparent solution which would lead to market stability,” the source said.
Saudi, Iranian, Qatari and Algerian OPEC experts held a two-day technical meeting in Vienna this week to look at production levels. No agreement has been reached yet on possible levels for a production cap.
Source: Reuters (Reporting by Rania El Gamal; Editing by Dale Hudson)
