OPEC will debate an oil output cut of between 4.0-4.5% for all of its members except Libya and Nigeria by the end of November. However, the deal’s success hinges on an agreement from Iraq and Iran, which are far from certain to give their full backing, reported Reuters.
A gathering of experts from the oil producer group in Vienna had decided to recommend that OPEC’s upcoming ministerial meeting discuss a proposal from Algeria to reduce output. Yet, the representatives of Iran, Iraq and Indonesia had expressed reservations about their level of participation in the proposed deal, according to The Wall Street Journal.
Earlier, Iraq’s Oil Minister, Jabar Ali Al Luaibi, had declared that the country would make three new suggestions at the Vienna meeting to implement an agreement to restrain crude supply in order to push up prices. The statement had hinted that Iraq would not be contributing to any output cut.