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    The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016

    OPEC Confirmation of Oil Freezing Deal to Depend on Iraq, Iran

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    OPEC decision to freeze oil production will depend on the positions of Iraq and Iran, Azerbaijani Energy Minister Natik Aliyev said on Saturday.

    VIENNA (Sputnik) – Adoption of a roadmap on the decisions made by the Organization of the Petroleum Exporting Countries (OPEC) in Algeria on freezing oil production will depend on the positions of Iraq and Iran, Azerbaijani Energy Minister Natik Aliyev said on Saturday.

    “Everything will depend on the position of countries, primarily, OPEC members such as Iraq and Iran,” Aliyev said.

    He noted that these two countries were interested in increasing oil production and  returning their positions on oil markets.

    “That is why it is important for us to know their point of view today taking into account what can occur till the end of the year,” Aliyev added.

    On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole cartel, however, no exact limits for each country have been placed. The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30.

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    Tags:
    freeze, roadmap, oil, OPEC, Azerbaijan
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