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Iraq OPEC governor says market circumstances right for global oil deal

Producers are expected to revive a production freeze deal when they meet in Algeria on Sept. 26-28

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Iraq’s OPEC governor Falah Alamri said on Thursday that oil market circumstances are now more favorable for OPEC and other oil producers to reach a deal to support the market when they meet next week in Algeria.

“This time I think a little bit different (than in Doha) because circumstances are little bit better, helping (producers) to reach a deal,” Alamri said, when asked about the prospect of a global oil production pact in Algeria.

Algeria meet

OPEC and non-OPEC producers are expected to revive a production freeze deal when they meet in Algeria on Sept. 26-28 after a similar initiative collapsed in Doha in April because Iran refused to restrict its supplies.

Speaking at the Gulf Intelligence Energy Forum in Fujairah in the UAE, Alamri said some oil producers have managed to reach a better market share than earlier in the year and Iran’s output is now higher after the lifting of sanctions, making the time for a deal is right.

Iraq to maintain share

Meanwhile, Iraqi Oil Minister Jabar Ali al-Luaibi said in a statement on Thursday in Baghdad, that his country aims to maintain its share of global oil production at between 4.75 million and 5 million
barrels per day,

Luaibi said Iraq would support setting a production ceiling to prop up global oil prices at next week's informal meeting of OPEC and non-OPEC countries in Algeria.