Members of OPEC will meet on the sidelines of the International Energy Forum (IEF) during which producers and consumers of oil gather in Algeria on September 26-28. “Iran has made its sacrifices for the market and it’s no longer the time for Iran”, another Iranian website, Mizan Online, quoted him as saying.
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“The market is already moving in the right direction”, he had added.
“We do not expect a production freeze-let alone a production cut-from the OPEC meeting”, investment bank Jefferies said in a report.
US West Texas Intermediate (WTI) crude futures were down 66 cents, or 1.39%, at $46.98 a barrel.
After a turbulent nine months, when oil prices sank from $106 per barrel in June 2015 to below $30 in February 2016, investors became more optimistic as the commodity started to rally, providing a welcome boost for beleaguered equity markets.
Iran said late last week that it would only cooperate in upcoming producer talks in September if other exporters recognised Tehran’s right to regain market share lost during worldwide sanctions that were only lifted in January.
Taking back the country’s lost share in the market remains as the will of Iranian people, noted Zanganeh.
Oystein Berentsen, managing director for crude at an oil trading firm Strong Petroleum in Singapore, shared, I do not expect the OPEC meeting in September to agree any freeze or affect the oil market in any significant way.
Iran will be wary of curtailing its output when Saudi Arabia, Iraq and other producers may seek to sell more, Robin Mills, chief executive officer of consultant Qamar Energy in Dubai, said Sunday by phone.
The Kurdish government stopped delivering crude oil to the central government about a year ago, a decision taken when Baghdad’s payment fell under $400 million a month, Dizayee said. Using fixed prices from the late 1990s, the Iran Statistics Center said, meanwhile, that gross domestic product increased both when including and excluding oil into accounts. “Iraq is seeking to play an active role in order to support oil prices while preserving a share that is proportionate to its reserves”, the minister said during a visit to the southern oil city of Basra, according to oil ministry spokesman Asim Jihad. The meeting of Opec and other producing countries in April ended without agreement in Doha, when Saudi Arabia demanded that Iran be part of any deal to limit output.
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Crude oil’s rally on Friday was limited by a rebounding U.S. dollar after top Federal Reserve officials indicated that interest rates could rise before the end of the year. It pumped 3.6 million bpd in July, OPEC figures show.
