Source Bloomberg said that the meeting of experts of the OPEC countries and countries outside the cartel, which was to be held on November 28, cancelled. Instead, the delegates will hold further internal talks to settle the existing differences.

As transfers “Interfax”, on Friday, one of the delegates from OPEC told Bloomberg that Saudi Arabia will not send a representative to the expert meeting, since the Kingdom first wants to reach an agreement within the cartel, and then to discuss the agreement with other countries.

The main snag in negotiations is the disagreement between Saudi Arabia and Iran, the leaders of the cartel. Iran has been offered special terms on which his quota in achieving the agreements would have to be 3.9 million barrels per day. Iran insists on the quota of 4 million, which corresponds to the pre-sanctions level of production.

In September, the OPEC countries for energy summit in Algiers announced a preliminary agreement to cut oil production to a level of 32.5-33 million barrels per day.

Last weekend OPEC countries tried to develop ways of overcoming differences before the meeting of the cartel in Vienna. The Minister of oil of Iran Bijan Zanganeh, in particular, expressed confidence that there is a high probability of the conclusion of the agreement on production cuts.

However, experts noted that apart from vague statements about the reduction of oil production has not been told anything. So, in London’s Barclays Bank said that ahead of the OPEC meeting in Vienna, faces a difficult choice, because neither option agreement is not a special benefit to the cartel.

Earlier the main stumbling block for reaching an agreement on quota levels, was the reluctance of Iraq and Iran to participate in production cuts. In addition, Baghdad and Tehran did not agree with the estimates that should be used as a starting point for the calculation of future quotas. However, recently the Minister of oil of Iraq Jabar al-Libi announced that Baghdad will offer at the meeting of alternative proposals for the reduction of oil production that will facilitate the decision making of OPEC.



The scheduled November 28 meeting to reduce oil production canceled due to disagreement within OPEC 27.11.2016

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