>> Oil prices rallied on Monday over speculation OPEC members meeting in Algeria would be able to reach an accord to stabilize the market. I'm Patrick Markey reporting for Reuters in Algiers. World oil prices have fallen dramatically since the highs in 2014 when they were above $100 per barrel.
That's just been affecting all OPEC producers, and non-OPEC producers have seen their budgets cut quite dramatically. There's been optimism over some kind of deal between the Saudis and the Iranians, perhaps, to reach a deal over cutting or freezing production, and that has helped the last week bring prices up.
But then again, on Friday, speculation dimmed over a deal in Algiers. While on the ground here in Algiers, we're getting mixed signals from the OPEC delegates and the non-OPEC delegates, such as Russia, who are arriving today to the start of the talks. Algeria, the host, has been proposing and pushing very hard for a cut or a freeze in OPEC production which they say will help take out a million barrels per day from the over supply which is one of the reasons they say the market prices are so low.
The Emeraties arriving today in Algeria, has also said perhaps they would support an OPEC production freeze. There had been some kind of signal that the Saudis perhaps were making deals or overtures towards the Iranians for the Saudis to cut their production. And for the Iranians to freeze theirs as they've been looking to raise production after the lifting of sanctions earlier this year.
But before the meeting, we were getting mixed signals from, for example, the OPEC Governor Barkindo who said this would only be a question of consultations, perhaps before the next OPEC meeting, the formal meeting in Vienna in November. So still very much mixed singles at the moment in Algiers, but we still have two days of talks to go.