OPEC Still Faces Same Obstacles to Agree on Oil-Output Limit (3)

Members of the Organization of Petroleum Exporting Countries are planning to hold talks in Algeria next month when they gather for a meeting of the International Energy Forum, the group’s president Mohammed Al Sada said Monday. But the same obstacles that prevented an agreement on proposals to freeze output in April or fix a new production target in June are still there, according to UBS Group AG.

“We still haven’t reached the moment when OPEC members will agree to a production agreement, as Iran has not yet recovered its pre-sanction production levels,” Giovanni Staunovo, an analyst at UBS, said by e-mail. “Nigerian and Libyan oil output are also currently below capacity.”