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OPEC to renegotiate freeze talks in September

by ChemOrbis Editorial Team -
  • 05/08/2016 (16:58)
According to media reports, several OPEC members including Venezuela, Ecuador and Kuwait requested to renegotiate an output freeze as Iran has regained much of the market share it lost during the period of Western sanctions.

OPEC and non-OPEC producers could not reach an agreement on an output freeze at their meeting on April 17 in Doha, Qatar. Iran avoided limiting crude oil production as the country was aiming to increase production to pre-sanctions levels in order to regain market share while Saudi Arabia had said that they would not sign a deal without participation of all OPEC members, including Iran.

Since April, Iran’s crude oil production has increased by about 180,000 barrels of oil per day to around 3.6 million bpd, nearing the country’s target of 4 million to 4.2 million bpd. Some OPEC members said that an output freeze deal may be possible in late September when oil producers meet for the International Energy Forum in Algeria. Until the forum, Iran’s oil production is expected to be close to 4 million bpd.
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