Energy ministers from Saudi Arabia, Iran and Iraq will be among representatives of key OPEC producers meeting Russian officials for informal talks on oil output in Istanbul next week, OPEC sources and the Russian energy minister said on Oct. 6.
OPEC last week agreed a deal to limit crude production and is looking to secure the cooperation of non-OPEC members such as Russia to help to support oil prices.
Russian Energy Minister Alexander Novak said on Oct. 6 that he planned to meet OPEC Secretary General Mohammed Barkindo in Istanbul, RIA news agency reported, adding that the minister said he planned to discuss OPEC's output deal with ministers of other oil-producing countries.
RELATED: Top Questions, Doubts About The OPEC Supply Cut
Other energy ministers who will be present in the Turkish city as it hosts the World Energy Congress include those of the United Arab Emirates, Algeria, Venezuela and Qatar, which holds the OPEC presidency.
No decision is expected to be taken in Istanbul, the sources said, but the meeting will be a chance for the officials to discuss the next step after last week's Algiers meeting.
The agreement reached in Algiers is expected to be implemented this year and OPEC ministers will meet next in Vienna on Nov. 30 to set the group's supply policy.
Recommended Reading
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
TotalEnergies, Vanguard Renewables Form RNG JV in US
2024-04-24 - Total Energies and Vanguard Renewable’s equally owned joint venture initially aims to advance 10 RNG projects into construction during the next 12 months.
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.