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Key oil producers to discuss possible output freeze, but to what end?

With Nadia Rodova, managing editor for oil news in Moscow

September 15, 2016 08:29:45 EST (4:02)

Prior to an expected informal meeting of OPEC ministers in Algeria on September 26-28, the oil market continues to weigh up whether any production freeze deal between OPEC and major non-OPEC producers is possible. Whether a compromise on Iran -- which is eager to ramp up output following the lifting of sanctions is achievable remains a key factor.


But even if there is a deal and oil prices rise, the production freeze architects may not be able to enjoy a higher oil price environment for long as more expensive barrels from North America could be quick to get back in the game, with a number of drilling rigs in Canada and the US already rising. As a result, the output freeze talks could be more important than their outcome, as they themselves may help to push prices up, exactly as they did in April.

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4th Annual Platts Middle East Crude Summit, 2016
December 6 • Crowne Plaza Dubai • Dubai, UAE


4th Annual Platts Middle East Crude Summit, 2016

Returning to Dubai on December 6, Platts Annual Middle Crude Oil Summit is uniquely positioned to unite senior executives from the upstream and oil trading communities as they explore and debate the region’s crucial issues in this volatile price environment.

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