Iranian, Iraqi oil ministers will not attend Istanbul talks – sources

Iranian

The OPEC and Algeria flags are pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. Reuters photo by Ramzi Boudina.

Algiers agreement expected to be implemented this year

ISTANBUL (Reuters) – The oil ministers of Iran and Iraq will not attend informal talks between OPEC and non-OPEC producers in Turkey this week, sources familiar with the matter said on Sunday.

OPEC sources and the Russian energy minister had said on Thursday that ministers from the two countries would be among representatives of OPEC states at the meeting in Istanbul, which is hosting the World Energy Congress.

The Organization of the Petroleum Exporting Countries agreed on Sept. 28 a deal to limit crude production and is looking to secure the cooperation of non-OPEC members such as Russia to help support oil prices.

The meeting in Istanbul is expected to be more bilateral gatherings rather than one single meeting of both OPEC and non-OPEC states, one OPEC source said on Sunday, dismissing prospects of any decisions being taken in the Turkish city.

Energy ministers who will be present in Istanbul as it hosts the congress include those of the United Arab Emirates, Algeria, Venezuela and Qatar, which holds the OPEC presidency.

Oil prices have dropped sharply since mid-2014, forcing producers and companies alike to shelve projects and cut oil investments, raising worries over a future supply shock that could lead to a spike in prices.

The agreement reached in Algiers is expected to be implemented this year and OPEC ministers will next meet in Vienna on Nov. 30 to set the group’s supply policy. (Reporting by Parisa Hafezi and Rania El Gamal; Writing by Daren Butler; editing by John Stonestreet)

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