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The
meeting of the High Level Committee is comprised mainly of OPEC
governors and national representatives - officials who report to
their respective ministers.
Last month in Algiers, the Organization of the Petroleum
Exporting Countries agreed to reduce production of crude oil to
a range of 32.50 million to 33.0 million barrels per day, its
first output cut since 2008, to prop up prices.
The deal faces potential setbacks from Iraq's call for it to be
exempt and from countries including Iran, Libya and Nigeria
whose output has been hit by sanctions or conflict and want to
raise supply.
"It is getting complicated," an OPEC delegate said before the
meeting began on Friday. "Every day there is a new issue coming
up."
Even so, other OPEC officials including Secretary-General
Mohammed Barkindo have said they are optimistic a final deal
will be reached.
"Our deliberations today – and tomorrow with some non-OPEC
producers – could very well have fundamental ramifications for
the market, as well as for the medium to long term of the
industry," Barkindo said in a speech at the meeting, according
to a text provided by OPEC.
The committee does not decide policy and will instead make
recommendations to the next OPEC ministerial meeting on Nov. 30,
also in Vienna.
How much each of the 14 OPEC members will produce is one of the
matters the committee is examining.
The meeting is scheduled to continue for a second day on
Saturday when representatives from non-OPEC nations, which OPEC
wants to curb supplies as well, will also attend.
Non-OPEC nations sending representatives to Saturday's talks are
Russia, Kazakhstan, Mexico, Oman, Azerbaijan, Brazil and
Bolivia.
(Reporting by Alex Lawler; Editing by Dale Hudson)
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