UAE expects crude production freeze deal reached at OPEC's informal gathering in Algeria

ALGERIA. KAZINFORM - The United Arab Emirates expects the agreement on crude production freeze to be reached following the informal meeting of OPEC representatives in Algeria scheduled for Wednesday, the country's Energy Minister Suhail Al Mazroui said Tuesday.

When asked about his expectations of Wednesday's information gathering of representatives of OPEC member-states, he said that since UAE has always supported concerted decisions on the market, the country expects all participants to arrive at a consensus and reach a decision aimed at stabilizing the crude market. However, the Minister did not say whether the country planned to join the initiative to freeze crude production, TASS reports.

The International Energy Forum is held on September 26-28 in Algeria, where oil-exporting countries may negotiate the potential oil production freeze. Venezuela, Ecuador and Kuwait are initiators of the discussion. Ministers of Saudi Arabia, Iraq and Iran have already confirmed their participation in private talks.

As was reported earlier OPEC is considering four options of freezing crude production: at the level of January or August of 2016, as well as at the average level of the first or the second half of this year.

The previous meeting focused on crude production freeze took place in Qatar's Doha on April 17. Representatives of 18 oil-producing countries (Iran refused to participate) failed to reach an agreement on oil production cap and after 12 hours of talks, said they needed more time for consideration. Iran refused to participate in the talks due to recently lifted international sanctions.

Photo: © EPA/Chico Sanchez

Source: TASS