Non-OPEC yet to pledge concrete oil output steps after meeting OPEC

The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016.   REUTERS/Leonhard FoegerThe OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger

Non-OPEC producers made no specific commitment on Saturday to join the Organisation of the Petroleum Exporting Countries in limiting oil output levels to prop up prices – a stance that suggested they wanted OPEC to solve its differences first.

Officials and experts from OPEC countries and non-OPEC nations including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia met for consultations in Vienna on Saturday and only agreed to meet again in November before a scheduled regular OPEC meeting on Nov. 30, they said in a statement. A day earlier, OPEC members themselves were unable to agreed on how to implement a global deal to limit output after hours of talks amid objections by Iran which has been reluctant to even freeze its output levels, sources said.

“We have to agree on the real numbers,” non-OPEC Kazakhstan’s vice-minister of energy, Magsum Mirzagaliev, told reporters after seven hours of talks on Saturday.

“It is important that we meet once again with detailed numbers. We agreed that we have to meet in 3-4 weeks with numbers, because every country has his own opinion,” he said.

OPEC and non-OPEC said in a joint statement the meeting on Saturday was a “positive development” towards reaching a global output limiting deal on Nov. 30.Oil LCOc1 is trading closer to $50 a barrel, less than half its price of mid-2014, weighed down by persistent oversupply and squeezing the incomes of exporting nations.

Last month, OPEC agreed at a meeting in Algeria very modest production cuts, its first since 2008, in an effort to help prop up prices. But the cuts have yet to be finalised.

 

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Stefan Kachakov
My name is Stefan Kachakov and I’m working as content writer at Business News Feeds. I'm writing for business news, finance statements and business management for North, Central and South Americas and Europe.

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