Is the oil party over?
Thanks to constantly declining international prices of crude over the past two years, net oil importing countries have benefitted immensely.…
Oil prices fell on Tuesday as Iran said it was not willing to freeze its oil output at current levels, denting market expectation for a output-freeze deal among Organisation 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 four million barrels a day from 3.6 million at current level, Xinhua news agency reported.
It's "not on our agenda" to reach agreement at the OPEC talks in Algiers, he said.
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OPEC members and Russia are meeting on the sidelines of the International Energy Forum in Algeria from September 26 to 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 to settle at $44.67 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery erased $1.38 to close at $45.97 a barrel on the London ICE Futures Exchange.
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