The oil ministers of Iran and Iraq will not attend informal talks between member’s of the Organization of the Petroleum Exporting Countries (OPEC) in Turkey during October, Reuters reported.
OPEC agreed late September to limit crude production between 32.50mb/d and 33mb/d. The meeting in Istanbul is expected to be more bilateral gatherings to secure the cooperation of non-OPEC members such as Russia to help support oil prices.
This news comes as Iraq’s oil minister, Jabar Al Luaibi, urged oil and natural gas producers operating in the country to continue increasing output in 2017, according The Economic Times. Iraq aims to increase associated gas output by adding 350 – 450mcf/d to the nation’s production. Al Luaibi’s comments came during his address to Iraq oil industry executives in the southern oil city of Basra to review the ministry’s oilfields’ development plans. He did not mention OPEC’s decision to reduce production.
Egypt Oil&Gas reported earlier that energy ministers from Saudi Arabia, Iran, and Iraq will be among representatives of key member’s of OPEC producers meeting with Russia for informal discussions on oil output.