With a critical meeting in Algiers fast approaching, a fractured OPEC and its allies are still searching for consensus on how members with spare output capacity can equitably distribute the extra barrels they intend to pump without upsetting those unable to produce more.
The Saudi and Russian energy ministers met over the weekend to align their positions, while delegates on a six-country technical committee are scheduled to hold a conference call Monday to mull various proposals.
Meanwhile, Iran’s OPEC governor accused Saudi Arabia and Russia of being in cahoots with the US to undermine other OPEC members and destabilize the oil market.
The posturing comes ahead of Sunday’s summit of the OPEC/non-OPEC monitoring committee in the Algerian capital, which reportedly will be attended by ministers from almost the entire the 24-country producer coalition. There, the group aims to reveal a production policy that can calm market fears of tight supplies in the months ahead, while remaining nimble enough to prevent a glut if global demand proves softer than expected.
Source:energy mix report
