- Title: Saudis, Iran dash hopes for OPEC oil deal in Algeria
- Date: 27th September 2016
- Summary: ALGIERS, ALGERIA (SEPTEMBER 27, 2016) (REUTERS) **** WARNING CONTAINS FLASH PHOTOGRAPHY **** EXTERIOR OF CONFERENCE CENTRE WHERE ENERGY MEETING IS BEING HELD VARIOUS OF FLAGS FLYING VARIOUS OF MINISTERS AND DELEGATIONS ARRIVING FRENCH ENERGY MINISTER, SEGOLENE ROYAL, ARRIVING SAUDI ARABIAN ENERGY MINISTER, KHALID AL-FALIH, ARRIVING IRANIAN ENERGY MINISTER, BIJAN ZANGENEH, WALKING INTO HALL VARIOUS OF MINISTERS AND DELEGATIONS INSIDE CONFERENCE HALL BANNER READING (English and Arabic): "15TH INTERNATIONAL ENERGY FORUM MINISTERIAL" SAUDI ARABIAN DELEGATION SEATED INSIDE HALL SAUDI ARABIAN ENERGY MINISTER TAKING SEAT BESIDE DELEGATION INSIDE HALL MINISTER WITH DELEGATION ZANGENAH SEATED INSIDE HALL ZANGENAH LOOKING THROUGH CONFERENCE PROGRAMME (SOUNDBITE) (English) IRANIAN ENERGY MINISTER, BIJAN ZANGENEH, SAYING: "I am here for IEF and to have a consultative, informal meeting, in hope to change the views." (REPORTER ASKS: "What does Iran want eventually? Do you want to get back to your previous market share? To levels of almost 13 percent?") (SOUNDBITE) (English) IRANIAN ENERGY MINISTER, BIJAN ZANGENEH, SAYING: "Yes, this is our expectation." (REPORTER ASKS: "To get back to almost 13 percent?") (SOUNDBITE) (English) IRANIAN ENERGY MINISTER, BIJAN ZANGENEH, SAYING: "Yes, Yes" (REPORTER ASKS: "And what about Saudi? What do they think?) (SOUNDBITE) (English) IRANIAN ENERGY MINISTER, BIJAN ZANGENEH, SAYING: "You can ask the minister of Saudi, he's sitting there." VARIOUS OF MEETING IN PROGRESS (SOUNDBITE) (English) SECRETARY GENERAL OF THE INTERNATIONAL ENERGY FORUM, XIANSHENG SUN, SAYING: "The time has come to reinforce our joint efforts, to reduce uncertainties, enhance transparency and deepened share the insight into future energy trends." DELEGATIONS AND MINISTERS APPLAUD SEGOLENE ROYAL AND ZANGENEH SURROUNDED BY REPORTERS OUTSIDE MEETING HALL VARIOUS OF MINISTERS STANDING FOR PHOTOGRAPH
- Embargoed: 12th October 2016 15:08
- Keywords: energy meeting oil output OPEC producers Saudi Arabia Iran
- Location: ALGIERS, ALGERIA
- City: ALGIERS, ALGERIA
- Country: Algeria
- Topics: Organization of the Petroleum Exporting Countries,Government/Politics
- Reuters ID: LVA00151CEXC7
- Aspect Ratio: 16:9
- Story Text:Saudi Arabia and Iran on Tuesday (September 27) dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.
OPEC members are meeting non-OPEC producers on the sidelines of the International Energy Forum, which groups producers and consumers.
Oil prices have more than halved from 2014 levels due to oversupply, prompting OPEC producers and rival Russia to seek a market rebalancing that would boost revenues from oil exports and help their crippled budgets.
The predominant idea since early 2016 among producers has been to agree to freeze output levels, although market watchers have said such a move would fail to reduce unwanted barrels.
On Tuesday, several OPEC delegates said the positions of Saudi Arabia and Iran remained too far apart.
The 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 Organization of the Petroleum Exporting Countries will hold informal talks at 1400 GMT on Wednesday. - Copyright Holder: REUTERS
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