Petroleum Africa
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Tuesday, November 22, 2016
The first day of a two-day meeting being held by OPEC members to discuss plans to rein in crude production went well, according to Mohamed Oun, the Libyan OPEC governor. Speaking to reporters at the end of the day, Oun said, “We are discussing. We are not disagreeing.”
Other members seemed hopeful on the prospect of a final deal being reached. After the two-day meeting the members will meet again in Vienna where a final deal could be sealed.
While most were optimistic on the prospect of a deal there were “some concerns” from Iran, who after having sanctions lifted from the West has been busy ramping up its production.
The deal faces potential setbacks from Iraq’s call for it to be exempt and from countries –including Iran, Libya and Nigeria – that have had output hit by sanctions or conflict and want to increase supply.
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