Iran's oil minister won't attend Friday OPEC talks: sources

November 16, 2016 - 18:51

Iranian oil minister Bijan Zanganeh will not attend informal talks between some OPEC members in Doha on Friday, two OPEC sources said, adding that Iran's OPEC governor would represent Iran.

Earlier on Wednesday, an Algerian energy source said a number of energy ministers from OPEC countries would meet in Doha on Friday to try to build consensus over the group's decision in September to limit oil output.

At the September meeting, OPEC agreed on modest, preliminary, oil output cuts in the first such deal since 2008, with special conditions given to Libya, Nigeria and Iran.

Iran has refused to cap production below 4 million barrels per day as it seeks to regain market share lost under sanctions.

The agreement made in Algiers is expected to be finalized at the next meeting of the Organization of the Petroleum Exporting Countries on Nov. 30 in Vienna, but disagreements persist among OPEC members and non-OPEC Russia on the details of the deal.

(Source: Reuters)

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