Saudi Minister Says OPEC Moving To Common Position On Oil Output Changes

Reuters

TOKYO, Sept 1 (Reuters) - Saudi Arabia's minister of foreign affairs said on Thursday that it would be reasonable for the kingdom to go along with other producers in changes to oil production.

Adel al-Jubeir, speaking at an event in Tokyo, said OPEC and non-OPEC oil producers were increasingly moving towards a common position.

"I think there is a move toward a common position, toward a common effort," he said. "If other producers were to agree it is reasonable to accept Saudi Arabia to go along with it."

Members of the Organization of the Petroleum Exporting Countries are due to meet informally in Algeria on the sidelines of the International Energy Forum (IEF) on Sept. 26-28, and are expected to seek to revive a global output freeze deal.

Russia is also expected to attend the IEF.

Iraqi Prime Minister Haider al-Abadi said this week that OPEC's second-largest producer after Saudi Arabia would support a decision to freeze oil output to prop up prices, although the country's oil minister has said it wants to continue to ramp up production.

Iran was also sending positive signals that it could support joint action to support the oil market, sources in OPEC and the oil industry told Reuters last month.

Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilise production, and talks collapsed in April.

(Reporting by Tim Kelly; Editing by Richard Pullin)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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