Reuters: Iran could decide fate of first global oil deal for 15 years
The fate of the first global oil deal in 15 years could be decided on Wednesday when OPEC members travel to Iran to persuade the country to participate in a deal to freeze output levels, possibly by offering Tehran special terms.
Dominant OPEC power Saudi Arabia and non-OPEC Russia, the world's top two producers and exporters, agreed on Tuesday to freeze production levels but said the deal was contingent on others joining in - a major sticking point with Iran absent from the talks and determined to raise production.
OPEC members Qatar, Venezuela and Kuwait said they were also ready to freeze output and oil sources in Iraq - the world's fastest-growing producer in the past year - said Baghdad would abide by a global deal aimed at tackling a growing oversupply and helping prices recover from their lowest in over a decade.
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WNU Editor: Iran will want special considerations in view of the fact that they have been out of global oil markets for years.
1 comment:
15 years! What a joke. Oil traders have a hard time predicting where oil will be in 15 days.
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