RIYADH: OPEC producers will only agree on a production freeze if everyone, including the Iranians agree to a cut. The oil market is impatient for any positive news as traders remain nervous in a period of prolonged uncertainty. The monthly oil market reports were encouraging, yet the strength in the market appears months away, but a signal from Saudi Arabia was most welcomed.
Saudi Arabia’s energy minister Khalid Al-Falih hinted that he was ready to talk and to work with other producers to help stabilise the price and the market responded positively, boosting oil by more than 4 percent. Al Falih has just been in the key job for just a few months and has demonstrated the Saudi leadership from day one.
OPEC producers will only agree on a production freeze if everyone, including the Iranians agree to a cut and that has been the major stumbling block in the past. The discussion will take place in Algeria at the end of September.
