Questions linger over Opec Algiers deal

Opec members concluded their third high-level technical meeting in Vienna today still struggling to finalise details of a deal to present to the ministerial meeting later this week.

After a nearly 11-hour meeting, departing delegates said there was agreement on a deal to curb oil production which will be presented to ministers in a 30 November meeting. But some comments left room for doubt that all parties are fully on board.

UAE Opec governor Ahmed Mohamed Alkaabi said as he left the meeting that the committee has "finalised a mandate" to implement a production target for six months. But Alkaabi added that "some concerns" remain, when asked if Iraq and Iran were also on board, without giving further details.

"Today was a good day," Kuwait national representative Mohammad Al-Shatti told Argus upon departure. "At least people are happy. Everyone is in a positive mood," he said.

He reiterated the deal to curb output would be for 6 months but declined to comment on the amount of any cut. The duration of the output target had already been agreed upon in last week's technical meetings.

The third high-level technical committee meeting replaced a scheduled meeting between Opec and some non-Opec countries, which was shelved until Opec members can agree on terms of a potential output cut amongst themselves.