MOSCOW (Sputnik) — Under the preliminary OPEC agreement that is expected to be finalized on November 30 in Vienna, Iran, Libya and Nigeria will receive concessions on oil output cuts. Special conditions for Iraq are also being considered since the country expressed unwillingness to reduce its oil production from 4.7 million barrels daily earlier this month.
"We’ve seen that this discussions have been going on for quite some time and it seems many countries will want to have a separate deal for themselves, many countries want to freeze production at very high levels so this creates some challenges for [OPEC] people to reach an agreement on what they are going to do and whether this will result in meaningful production cuts or not," Charow said on the sidelines of a Russia TALK Investment Forum in Moscow organized by the Russo-British Chamber of Commerce (RBCC).
Other oil producing states that are not members of OPEC, namely Russia, are also expected to uphold the agreement, aimed at stabilizing the oil market.
