After the failure of its agreement to cut production .. OPEC resume its meeting today

[ltr]After the failure of its agreement to cut production .. OPEC resume its meeting today[/ltr]

 Since 29.10.2016 at 10:24 (Baghdad time)
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[ltr]Follow-up scales News[/ltr]
[ltr]High-level committee of experts meets, in the Organization of Petroleum Exporting Countries, OPEC today, with representatives from non-OPEC producers want to reduce their contribution to the organization supplies.[/ltr]
[ltr]The organization met yesterday, to develop a plan to reduce oil production, but it did not reach agreements, hours after the meeting in Vienna, as reported by sources of the organization, news agencies reported.[/ltr]
[ltr]The sources said, "The high-level committee of experts will meet again in Vienna on next November 25, before the next meeting of OPEC ministers on the thirtieth of the same month to complete the individual quota production quota for each country."[/ltr]
[ltr]One source said: "Yes, we will continue meeting on Saturday with the producers outside OPEC," he said, adding that it is not reached "complete agreement on Friday because Iran refuses to install production."[/ltr]
[ltr]Another source said, "We have not finished all things, and we look forward to the next meeting on November 25 to complete the individual quotas."[/ltr]
[ltr]High-level meeting of the Committee of Governors is composed of representatives of OPEC nations who who report to the ministers concerned, and continued the talks on Friday, more than 11 hours.[/ltr]
[ltr]A source at OPEC, "There is no agreement yet, everyone would agree, except for Iran," he said, adding that Tehran's claim exemption.[/ltr]
[ltr]The OPEC agreed last month in Algiers to cut crude oil production to between 32.5 million and 33 million barrels per day in the first cut since 2008 in order to raise prices.[/ltr]
[ltr]But the deal faces potential setbacks because of Iraq's claim exemption from it, as well as the demands of countries such as Iran, Libya and Nigeria who have damaged their production as a result of sanctions, war and want to increase the supply.[/ltr]
[ltr]He said OPEC delegate before the start of Friday's meeting, "it is becoming increasingly complex, every day appears a new problem."[/ltr]
[ltr]But other OPEC officials, including Secretary-General Mohammed Barkindo remained optimistic.[/ltr]
[ltr]Barkindo said in a speech at the meeting according to the text presented by OPEC, "our consultations on Friday - and tomorrow, Saturday, with some producers are not members of OPEC - could have profound consequences for the market and the industry in the medium to long term."[/ltr]
[ltr]It is written in the policy and will instead recommendations of the ministerial meeting of OPEC in the next 30 November next to be held in Vienna, too.[/ltr]
[ltr]Iraq said the second-largest producer in OPEC earlier, he would not reduce its production and that it should be exempted from any restrictions on the production because he needs the money to fight Daesh.[/ltr]
[ltr]At the same time Iran emphasized its right to recover its market share after the lifting of Western sanctions against it in January.[/ltr]
[ltr]And non-members of OPEC, which will send representatives to the talks today are Russia, Kazakhstan, Mexico, Oman, Azerbaijan, Brazil, Bolivia.anthy 29 / A 43[/ltr]


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