Representatives of some OPEC countries suggest that an agreement on the freezing of oil production can be concluded at the end of September 2016, after the International Energy Forum in Algiers. According to the WSJ interlocutors, by that time Iran can bring production closer to a level sufficient for the beginning of negotiations.

The WSJ notes that a number of OPEC states (including Venezuela, Ecuador and Kuwait) are in favor of coordinating the efforts of the oil cartel with non-member countries, including Russia. Saudi Arabia and its allies want to avoid further prices falling and therefore will support any cooperation between members and non-members of OPEC.

Representative of Ecuador in OPEC Wilson Pastor Morris is going to meet with OPEC Secretary General Mohammed Barkindo on Friday, the source said. According to the WSJ interlocutor, Ecuador will seek negotiations on coordination of efforts to regulate oil production at the Algerian energy forum. He said that due to the new decline in oil prices, the introduction of restrictions becomes a necessity.

In the course of trading on the ICE the price of the Brent barrel on Friday was reduced to $43.52, which is 1.74% lower than the closing level of trades on Thursday.