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Iraq Opec governor says market circumstances right for global oil deal

Thursday, September 22, 2016 - 14:53

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Iraq's Opec governor Falah Alamri said on Thursday that oil market circumstances are now more favourable for Opec and other oil producers to reach a deal to support the market when they meet next week in Algeria.

[FUJAIRAH, UAE] Iraq's Opec governor Falah Alamri said on Thursday that oil market circumstances are now more favourable for Opec and other oil producers to reach a deal to support the market when they meet next week in Algeria.

"This time I think a little bit different (than in Doha) because circumstances are little bit better, helping (producers) to reach a deal," Mr Alamri said, when asked about the prospect of a global oil production pact in Algeria.

Opec and non-Opec producers are expected to revive a production freeze deal when they meet in Algeria on Sept 26-28 after a similar initiative collaped in Doha in April because Iran refused to restrict its supplies.

Speaking at the Gulf Intelligence Energy Forum in Fujairah in the United Arab Emirates, Mr Alamri said some oil producers have managed to reach a better market share than earlier in the year and Iran's output is now higher after the lifting of sanctions, making the time for a deal is right.

REUTERS

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