This will be the first time since 2008 that OPEC would be accomplishing such a feat, which is expected to tackle the key challenge of low price of oil in the international market
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Traders said markets were jittery, and that prices could sharply swing either way depending on developments at the Organization of the Petroleum Exporting Countries meeting in Vienna
In the first oil trade, Brent crude was up 15 cents at 49.05 dollars a barrel, while U.S. crude added 2 cents to 48.05 dollars a barrel
International Brent crude oil futures rose as high as 49.43 dollars per barrel early on Tuesday, their highest since October 31.
U.S. West Texas Intermediate crude futures were up 44 cents, or 0.9 per cent, at 48.68 dollars a barrel
However, further details were to be clarified in preparation for the decisive meeting of OPEC oil ministers at the end of November
The 15th International Energy Forum would be held in Algiers from September 26 to 28, during which OPEC would hold an informal meeting to discuss oil price and production
It said: “The conference re-emphasised the coordination between Member Countries and non-OPEC producers to ensure market stability in the global oil market
Tehran’s oil output has increased from 2,837 barrels per day in the year 2015 to 3,451 thousand barrels per day in April.
It still has the capacity to pump more crude in the next months
“The general conclusion was that we need more time to consult among ourselves in Opec and non-Opec producers,” Mr Sada said.
Oil prices tumbled in Asian trading as a result, with the price of both US and London crude oil down more than 5 per cent.
Talks hit difficulties earlier on Sunday as reports emerged of tensions between Iran and Saudi Arabia.
Iran did not attend the meeting
OPEC’s view contrasts with that of the US Energy Information Administration, which on Tuesday raised its demand forecast slightly.
A third closely watched oil report from the International Energy Agency, is due on Thursday
Promoters of this malfeasance often arm themselves with sermons of marginalization, unfair treatment and abuse of federal character principle, religious affiliation or some other hype about nepotism. They seldom question themselves about their personal competence, commitment or contribution to national productivity
He said: “As members of OPEC and Gas Exporting Countries Forum, our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people
He said it was crucial that major producers came up with solution as the market needed to see inventories come down to levels that would allow prices to recover and encourage investments
By abandoning output restraint, analysts said the group was sending a message to other producers such as Russia and North American shale drillers that it was willing to accept low oil prices to defend market share
Kash Kamal, senior analyst at brokerage Sucden Financial in London, said investors had been reassured that OPEC had not raised its output target to reflect current production
Energy advisers Wood Mackenzie echoed the views of many analysts, saying it was unlikely OPEC would agree to cut output and the group’s crude output was likely to stay above its 30 million bpd production ceiling through 2016
Saudi Arabian oil minister, Ali al-Naimi, said the Saudi strategy of defending market share through higher supplies and lower oil prices was working.
OPEC projected in its latest monthly market report on Monday in Vienna that non-OPEC countries would supply 57.1 million barrels per day of oil on average this year, some 400,000 bpd less than predicted in January
He said the conference reached a consensus on output and the election of Nigeria’s Petroleum Minister, Diezani Alison-Madueke, as first female President of the OPEC
Speaking to State House correspondents on Wednesday, Alison-Madueke, however, admitted that she was taking over the leadership of OPEC at a challenging period.
Her words: “This is a very challenging time as you know for OPEC and for the global crude oil wells as a whole