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Saudi Arabia tried to secretly enter into a deal with the OPEC

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Saudi Arabia tried to secretly enter into a deal with the OPEC

Saudi Arabia tried to secretly enter into a deal with the OPEC
September 30
14:30 2016

According to the Wall Street Journal, which is citing informed sources, earlier in September Saudi Arabia offered the OPEC to make a secret deal on the oil production.

Sources said that the Saudi Kingdom offered to reduce the raw material extraction by 400,000 barrels per day if Iran agreed to freeze its own production at the current level – 3.6 million barrels per day.

However, the Iranian Oil Minister Bijan Zanganeh eventually refused the proposal.

According to the statements of the newspaper respondents, Khalid Al-Falih, Minister of Energy of Saudi Arabia expressed the support for the minister’s plan to cut the production by 1 million barrels per day during the year.

This happened at the meeting with Secretary General of the OPEC, Mohammed Barkindo at the weekend.

The Wall Street Journal points out that Riyadh is increasingly worrying because of the fact that “the global excess of oil will continue in 2017”. This is a sign that the economic impact of lower fuel prices will be more serious than expected. The source of the Wall Street Journal, which is close to the Saudi Ministry of Petroleum and Mineral Resources, said: “The pressure is increasing.”

On 28 September oil-importing countries, members of the OPEC oil cartel, decided to reduce the total amount of the oil production at an informal meeting in Algeria. This has become the first such a decision since 2008.The next meeting of the OPEC member countries has been scheduled on November 30, which will be held in Vienna.

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