- Title: OPEC set for no deal as Iran rejects Saudi oil output offer
- Date: 27th September 2016
- Summary: ALGIERS, ALGERIA (SEPTEMBER 27, 2016) (REUTERS) BANNER IN HALLWAY READING (English): '15TH INTERNATIONAL ENERGY FORUM' COUNTRY DELEGATIONS STANDING IN HALLWAY MINISTERS AND DELEGATION WALKING OUT OF MEETING HALL SAUDI ARABIAN ENERGY MINISTER, KHALID AL-FALIH, WALKING OUT OF MEETING HALL (SOUNDBITE) (English) SAUDI ARABIAN ENERGY MINISTER, KHALID AL-FALIH, SAYING: "We're still consulting, but tomorrow we will have something to say." REPORTER ASKS: "Can you tell us about what the offer is?" (SOUNDBITE) (English) SAUDI ARABIAN ENERGY MINISTER, KHALID AL-FALIH, SAYING: "No, there is no offer, there is just consultation, trying to figure out where the market is going and get to a consensus view. We know that will happen in due course, and the mood is generally very positive." / AL-FALIH WALKS AWAY FROM REPORTERS IRANIAN ENERGY MINISTER, BIJAN ZANGENEH, WALKING OUT OF HALL VARIOUS OF ZANGENEH SURROUNDED BY REPORTERS WHILE WAITING FOR LIFT/ REPORTERS ASKING QUESTIONS OF ZANGENEH IN LIFT (SOUNDBITE) (English) IRANIAN ENERGY MINISTER, BIJAN ZANGENEH, SAYING: "It's not my mission to be optimistic or pessimistic." / REPORTER CONTINUES QUESTIONING, IS ASKED TO STOP TO ALLOW MINISTER TO GO ON TO ANOTHER MEETING
- Embargoed: 12th October 2016 18:31
- Keywords: energy IEF Saudi Arabia Iran meeting oil market production
- Location: ALGIERS, ALGERIA
- City: ALGIERS, ALGERIA
- Country: Algeria
- Topics: Government/Politics
- Reuters ID: LVA00151CG2FB
- Aspect Ratio: 16:9
- Story Text: Iran rejected on Tuesday (September 27) an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.
But Saudi Arabia's energy minister said the mood at the International Energy Forum was generally positive as OPEC members met to discuss stabilising oil markets.
Khalid al-Falih was speaking to reporters as the forum's opening meeting, held in Algiers' convention centre, came to an end.
An oversupply of oil has more than halved prices since 2014, and prompted OPEC ministers and non-member Russia to seek a market rebalancing.
But differences between Saudi Arabia and Iran remain.
Saudi and Iranian economies depend heavily on oil, but Iran is seeing the pressure easing as it emerges from years of sanctions. Riyadh, on the other hand, faces a second year of record budget deficits and is being forced to cut the salaries of government employees.
A deal has also been complicated by acute political rivalry between Iran and Saudi Arabia, which are fighting several proxy-wars in the Middle East, including in Syria and Yemen.
The Organisation of the Petroleum Exporting Countries will hold informal talks at 1400 GMT on Wednesday. Its members are also meeting non-OPEC producers on the sidelines of the International Energy Forum, which groups producers and consumers.
- Copyright Holder: REUTERS
- Usage Terms/Restrictions: None