“Many countries” outside OPEC are willing to join the negotiations on a crude oil production reduction initiated by the cartel last month. That’s what Saudi Arabia’s oil minister Khalid al-Falih
Without naming any names, Al-Falih said that behind-the-scenes talks are being held with non-OPEC producers who have declared their readiness to not just freeze, but to cut their production to match the organization’s attempt at rebalancing the markets.
The biggest non-OPEC oil producers in the world besides Russia and the U.S. include Canada, Norway, Mexico, China, India, Brazil, Azerbaijan, and Kazakhstan.
Two non-OPEC producer that’s already made its oil production intentions clear—or murky, rather, with regard to whether they will be freezing or cutting—is
Saudi Arabia in September made the first decisive
Iran at the time
Nothing is final as of yet. Both Iran and Iraq
What’s more, the Saudis have time and again demonstrated that international oil markets hang on their words, so until some of these non-OPEC producers confirm they are onboard with a production cut, it’s just plain speculation.
By Irina Slav for Oilprice.com
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