Oil goes up after Iran, Iraq signal hopes for agreement
According to Iran’s Shana news service, members will probably reach a consensus about the oil output deal before the meeting on November 30 with the members’ renewed diplomatic efforts, Iranian Oil Minister Bijan Namdar Zanganeh said.
The group has been trying to cut oil output for the first time in eight years. However, the members are facing difficulties in reaching an agreement as Iran wants to boost its production following the sanctions and Iraq wants to be exempt from the new regulation to be able to fund the ongoing wars in the country.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets