The cartel held informal meetings in Istanbul, Turkey, with officials from Mexico and Russia.
The OPEC seek to gather support for its plan to freeze the global production of crude oil, by announcing that it will issue invitations to more countries outside the group after holding an informal meeting with Russia and Mexico in Istanbul.
Representatives of the Organization of Petroleum Exporting Countries (OPEC) nations and outside it will hold a technical meeting on 28 and 29 October in Vienna to continue discussing "a roadmap" towards the agreement, said the minister of Energy of Qatar, Mohammed al Sada, to reporters after the meeting in the margins of the World Energy Congress in Istanbul.
During the meeting on Wednesday is not discussed specific figures of production, but it is likely that addressing the details at the technical meeting in Vienna, said minister of Energy of Russia Alexander Novak.
The president of Russia, Vladimir Putin, said shortly after that he did not see obstacles to a global agreement on a freeze of the production of oil.
The OPEC agreed last month in Algiers modest reductions of pumping at a rate of between 32.5 million and 33 million barrels per day (bpd). OPEC produced last month 33.39 million bpd.
Al-Sada said that there were "a positive understanding of the situation on the role that could take on OPEC and the un, not OPEC," to balance the energy market.
The International Energy Agency (IEA) said on Tuesday that the world’s supply of crude oil could fall more rapidly in line with demand if OPEC and Russia agree to a cut radical enough, but it is not clear how fast it could happen.
Skepticism
the OPEC agreement to cut production will probably not be able to get a significant reduction of the offer, said this week some of the biggest brokers of the world’s oil reserves, which means that it is unlikely that the market returns to a balance soon.
The price of oil has stabilized at $ 50 per barrel since last September 28.
The growing production from Libya and Nigeria, OPEC members, generates doubts about whether the agreement can be effective.
"Clearly, they put a floor in the market", said the chairman and ceo of Gunvor Torbjorn Tornqvist at the Forum, Reuters on the Raw Materials.
"I don’t think they can make a substantial cut. There are too many uncertain factors involved. These two countries can cancel any other agreement that has been reached", he added.
Any reduction agreed upon shall not affect the offer until next year, said Tornqvist, because the meeting of OPEC in Vienna on 30 November to set a policy of supply will be too late to affect shipments by 2017.
The chairman and ceo of Mercury, Marco Dunand, said that prices could fall to $ 40 if OPEC fails to agree, but could exceed $ 50 if you trim up to 1 million barrels per day in the market.
"The saudis wanted to regain control of the market. The question is if they can convince OPEC and non-members of controlling inventories and prices," said Dunand in the forum.
a Barrel of crude oil low 1% due to an increase in production
oil prices dropped more than 1%, this Wednesday, after the Organization of the Petroleum Exporting Countries (OPEC) reported that its crude oil production in September he played for the maximum eight years, offsetting optimism for the promise of the group to control the excess supplies in the global market.
The advance of the dollar index to highs of seven months, also weakened the demand for crude oil that is traded in that currency between the holders of euros and other foreign currencies.
The referential West Texas Intermediate (WTI) declined by 0.61 dollars, which represents a drop in the price of 0.42% and Brent fell 0.60 cents compared to its price recorded on the day Tuesday staying at a price of 51.81 dollars.
The Brent follows with an increase of 12.7% since OPEC announced on September 27 that the cartel and other major producers will agree on a substantial cut or a freeze in production to the 30 of November, when a meeting of the group in Vienna.
The market was pressured by the possibility that the American Petroleum Institute (API) reported the first increase in stocks of crude oil in the united States in six weeks when it presents its preliminary figures for inventories, said operators, the government is expected to report Thursday an increase of 300,000 barrels in crude oil stocks from abroad.
The latest monthly report for August – September of the OPEC, showed an increase in their oil production in September up to a maximum of at least eight years, in addition to a rise in its forecast about the growth of supply from countries outside the group in 2017.
In the report the organization produced 33.39 million barrels per day (bpd) of crude last month, a rise of 220,000 bpd over August, and up to 890,000 bpd above the new target of supply.
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