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Sudan expects OPEC to reach agreement with Iran on oil production freeze

September 28, 2016, 15:17 UTC+3 MOSCOW

The Sudanese minister of petroleum sees chances for reaching a consensus on freezing oil production

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MOSCOW, September 28. /TASS/. The chances of reaching consensus on freezing oil production depend on OPEC countries reaching agreement with Iran, Sudanese Minister of Petroleum and Gas Mohamed Zayed Awad told TASS during his visit to Moscow.

"We hope that at the informal meeting that will be held today in Algiers, several options for solving this issue will be presented. There is a chance for reaching a consensus on freezing oil production. We hope that the OPEC countries will be able to reach agreement with Iran," he said.

Representatives of Saudi Arabia and Iran cannot agree on the method of calculating volume of oil production, which is crucial for negotiating a possible freezing of oil production.

On September 28, at the International Energy Forum in Algeria, the countries-exporters of oil will hold an informal meeting.

In early September, on the margins of the G20 summit, Russia and Saudi Arabia, which control the production of more than 21% of world oil consumption, signed a joint declaration in order to stabilize the oil market.

As was reported earlier OPEC is considering four options of freezing crude production: at the level of January or August of 2016, as well as at the average level of the first or the second half of this year.

The previous meeting focused on crude production freeze took place in Qatar’s Doha on April 17.

Representatives of 18 oil-producing countries (Iran refused to participate) failed to reach an agreement on oil production cap and after 12 hours of talks, said they needed more time for consideration. Iran refused to participate in the talks due to recently lifted international sanctions.

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