Iran may join the OPEC agreement to freeze oil production
Almaty. August 24. Silkroadnews – Iran may join the agreement on oil production freezing by OPEC countries, Reuters reports.
On the eve of the negotiations of oil producers and consumers to be held in Algeria this September, a source in the cartel informs, Iran could support joint actions of OPEC to stabilize the oil market.
«Though Iran has not yet decided whether to join a new effort, Tehran appears to be more willing to reach an understanding with other oil producers », the source notes.
At the same time, according to a source within OPEC, Iran confirmed its participation in the cartel meeting in Algeria.
As explained, the third largest OPEC oil producer began raising oil production after the removal of Western sanctions in January 2016. At the same time Tehran has refused to join the effort to stabilize production undertaken earlier this year by OPEC and non-OPEC states, such as Russia, thus, the April negotiations failed.
The members of the Organization of the Petroleum Exporting Countries are due to meet on the sidelines of the International Energy Forum in Algeria on September 26-28 and bring together producers and consumers of oil. Russia is also expected to attend the IEF.
A previous attempt to freeze production at the January level fell in April after Saudi Arabia demanded Iran to participate in the initiative along with other countries involved.
