Former Energy Minister of Algeria, Nordine Ait-Laoussine, was reported by Reuters, as saying that the upcoming OPEC and non-OPEC producers’ meeting next month in Vienna is expected to be challenging one, as there could be a conflict of interests on the output cuts deal.
Key Quotes:
“The union demonstrated by OPEC and non-OPEC in the last 18 months is going to be tested in June.”
Although there seems to be no spat now among OPEC and its allies, “there may be a dispute down the road.”
“It’s rational from the point of view of Iran, Venezuela, Nigeria, Libya, Algeria, Angola to oppose,” adding that Saudi Arabia and Russia will have to demonstrate that higher prices are “bad” for OPEC and other producers.
“Can they do that within a few-hour meeting? It takes so much more than that.”
Saudi Arabia and Russia have both said they won’t take a decision on their own and that the opinions of all their partners will count.
“This is one of the elements which is probably going to appear in the discussion in June — who are you to decide? We are supposed to be an organization.”
“There is a tendency that Russia and Saudi Arabia just carry the ball by themselves.”
Share
