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Oil prices slip as OPEC-deal expectation dims

Xinhua, September 28, 2016 Adjust font size:

Oil prices fell on Tuesday as Iran said it is not willing to freeze its oil output at current levels, denting market expectation for a output-freeze deal among Organization of the Petroleum Exporting Countries (OPEC) members.

Iranian Oil Minister Bijan Namdar Zanganeh said on Tuesday that the country wants to raise its crude production to 4 million barrels a day from 3.6 million at current level.

It's "not on our agenda" to reach agreement at the OPEC talks in Algiers, he said.

OPEC members and Russia are meeting on the sidelines of the International Energy Forum in Algeria from Sept. 26 to Sept. 28. It has been widely expected that the key oil producers may reach an output-cut deal during the meeting to stabilize the market.

The West Texas Intermediate for November delivery lost 1.26 U.S. dollars to settle at 44.67 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery erased 1.38 dollars to close at 45.97 dollars a barrel on the London ICE Futures Exchange. Enditem