BAGHDAD, OPEC's 175th ministerial meeting will begin on Thursday to discuss developments in the oil market and ways to restore balance after a price slump over the past two months during which Brent crude lost 21 per cent of its value.
"This meeting is important for the oil industry in the light of the increasing influence of geopolitical factors in the markets," said international observers and analysts.
They pointed out that Qatar's withdrawal from OPEC is limited and cannot spoil the atmosphere of the meeting - despite the efforts of some parties to achieve this goal - noting that OPEC is still strong and will become stronger with deepening relations of partnership and cooperation with non-OPEC countries, .
The Ministerial Committee on Production Control, chaired by Saudi Arabia and Russia and members of Kuwait, Venezuela, Algeria and Oman, concluded on Wednesday with emphasis on the unity and cohesion of producers in OPEC and abroad and their desire to repeat the previous success and their full satisfaction with the commitment of the producers and their desire to make every effort to restore balance in the market.
For his part, Falah al-Amiri, a member of the Iraqi team of experts said that he was very satisfied with the results of technical meetings, which reached accurate and objective vision on the current market conditions in light of the breadth of supplies.
Omani Oil Minister Mohammad al-Rumahi said there is somewhat an agreement to reduce oil production at today's meeting, adding that the cut would be from January to 6 months.
the Russian news agency Tass quoted an OPEC source as saying "The organization and its allies, led by Russia, are discussing the idea of reducing oil production next year by returning to the agreed production quotas in 2016," pointed that "Russia agrees to reduce the production of crude oil,
Source: National Iraqi News Agency