Persisting Disagreements Curb Hope for Recent Decision to Cut Oil Production

Ongoing disagreements between rivals Iran and Saudi Arabia regarding the oil industry have curbed light on OPEC’s recent decision to cut oil production in order to stabilize the market.

Although experts agree that the answer to supporting oil markets is a limitation to output, Iran is concerned with this idea as it continues to restore its own oil industry.

According to Algerian officials, if the two countries cannot come to a consensus on cutting production, discussions on an agreement may be postponed until the next OPEC meeting in November.

Saudi Arabian Energy Minister Khalid Al-Falih shows promise as he said at the Algiers meeting that he will support decisions that are aimed at market management.

Source:
PennEnergy