Oil fell nearly three percent on Tuesday after Saudi Arabia and Iran dashed hopes of the market that OPEC 's main producer reach a compromise during the Algiers meeting this week to ease the glut of global supply of crude.
He informed the Saudi Energy Minister Khalid al - Falih journalists in Algiers , where OPEC meets and producers of other oil to attend the International Energy Forum , between 26 and 28 September , he did not expect that the consultations Last yield on the meeting on the agreement.
He added that he sees no need to amend the supply or decrease significantly and that should be allowed to Iran, Libya and Nigeria production at maximum levels recorded recently.
said Jim Williams , an analyst at Dblao.ta.ar.ja Economics "If you're looking for something serious from this meeting here it is .. instead of the cut say to everyone that increase the supply increased significantly. "
Iran has rejected that attempt to return oil exports to levels before the sanctions casually Saudis to impose restrictions on production in exchange for reduced supplies pumped by Riyadh.
, he said Iranian oil Minister Bijan Zanganeh said Algeria talks" is not the right time for the industry 's decision. "
he pointed instead to the meeting OPEC official , scheduled for Nov. 30 in Vienna , saying , "We will try to reach an agreement to November."
the talks Algeria is the second attempt by the OPEC agreement on production after an earlier round hosted by Doha in April failed.
abandoned futures of crude oil for a large part of the session gains Previous achieved by hopes of concluding an agreement.
and determine the settlement price for Brent crude down to $ 1.38, equivalent to 2.9 percent at $ 45.97 a barrel.
the inn US crude West Texas intermediate to $ 1.29 , or 2.7 percent , to $ 44.67.
SOURCE
He informed the Saudi Energy Minister Khalid al - Falih journalists in Algiers , where OPEC meets and producers of other oil to attend the International Energy Forum , between 26 and 28 September , he did not expect that the consultations Last yield on the meeting on the agreement.
He added that he sees no need to amend the supply or decrease significantly and that should be allowed to Iran, Libya and Nigeria production at maximum levels recorded recently.
said Jim Williams , an analyst at Dblao.ta.ar.ja Economics "If you're looking for something serious from this meeting here it is .. instead of the cut say to everyone that increase the supply increased significantly. "
Iran has rejected that attempt to return oil exports to levels before the sanctions casually Saudis to impose restrictions on production in exchange for reduced supplies pumped by Riyadh.
, he said Iranian oil Minister Bijan Zanganeh said Algeria talks" is not the right time for the industry 's decision. "
he pointed instead to the meeting OPEC official , scheduled for Nov. 30 in Vienna , saying , "We will try to reach an agreement to November."
the talks Algeria is the second attempt by the OPEC agreement on production after an earlier round hosted by Doha in April failed.
abandoned futures of crude oil for a large part of the session gains Previous achieved by hopes of concluding an agreement.
and determine the settlement price for Brent crude down to $ 1.38, equivalent to 2.9 percent at $ 45.97 a barrel.
the inn US crude West Texas intermediate to $ 1.29 , or 2.7 percent , to $ 44.67.
SOURCE