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Tuesday, 27 September 2016

Oil Drops as Iran Says It Won’t Freeze Output at Current Level - Bloomberg

Oil Drops as Iran Says It Won’t Freeze Output at Current Level - Bloomberg:

"Oil extended declines as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day, damping expectations for OPEC to reach a deal to stabilize markets when the group meets Wednesday in Algiers.
Futures fell as much as 2.1 percent in New York continuing the gyrations of the previous two days. It’s “not on our agenda” to reach agreement at the OPEC talks in Algiers, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in the Algerian capital. Influential forecasters gave a worsening outlook for the market, with the head of the International Energy Agency saying supply and demand won’t be in balance until late 2017 and Goldman Sachs Group Inc. cutting its fourth quarter price forecast."



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