Iraq mediating between Saudis and Iran to support oil prices

Oil prices slipped during US hours on Tuesday, after major oil producers Saudi Arabia and Iran left little hope that producers would reach a deal to tackle the global supply glut during an informal meeting on the sidelines of an energy conference in Algeria.

In New York, November West Texas Intermediate crude lost $US1.26, or 2.7%, to settle at $US44.67 a barrel.

In London, Brent North Sea crude for November shed $1.38 to $45.97 a barrel.

He went on to stay that non-OPEC countries are now sharing in the pain of low oil prices, with an estimated $700 billion of projects postponed or cancelled by the industry globally.

Iran wants to raise its crude production to 4 million barrels a day, Bijan Namdar Zanganeh told Bloomberg Television in an interview Tuesday.

"It's not in our agenda to reach an agreement in two days". "We will consult with everyone else". More than 800,000 bpd of additional crude is being pumped into the market this month compared with August as Russian Federation produces at an all-time high, while Libya and Nigeria restore supplies.

Iranian oil facility in the Persian Gulf. The Algiers talk are OPEC's second attempt to reach an agreement after failed talks in Doha, Qatar in April.

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Saudi Energy Minister Khalid Al-Falih promised to "support any decision aimed at stabilizing the market". An OPEC deal could boost prices, the bank said, but the oversupply of crude and the potential for increased output from Libya and Nigeria would continue to weigh on the market.

Crude oil prices moved lower in early Tuesday trading amid dimming prospects for an oil production agreement in Algeria and a drop in global growth estimates.

"We will line up with the general opinion of the producers", he added. "Oil is trapped between $40 and $50 a barrel, and at this stage, there doesn't appear to be anything on the horizon to break prices out of that range". "Otherwise we face the other problem, which is a severe supply crunch in a couple of years' time, when $100 again starts looking likely". Notably, Saudi Arabia agreed to reduce production to January levels, according to Algeria's Energy Minister, despite previously refusing to cut output to prevent Iran from regaining market share.

Still, Iran and Saudi Arabia face significant hurdles as both nations have yet to agree on their respective new production targets.

"It is very hard to increase at the current prices", the minister said.

"Trying to sell this to the domestic governments, monarchies and leaders of both nations would likely prove nearly impossible", he said in a note to clients.

Venezuela's Oil Minister Eulogio del Pino said they were working on "several alternatives".

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