Iran is not ready to agree to an oil output freeze in Algiers, its Oil Minister Bijan Zanganeh said Tuesday on the eve of an informal OPEC meeting in Algeria's capital.
Oil prices recovered further on Tuesday as a strike by Kuwaiti petroleum workers entered its third day, offsetting downward pressure from a failure by producers to freeze output.
Notwithstanding a stalemate at the producers’ meet to discuss the output freeze, the Qatar Stock Exchange on Monday gained 42 points to surpass the 10,200 mark.
Oil prices slumped on Monday after producers failed to agree on a plan to curb global supply at a meeting in Qatar, while world stock markets edged higher.
Thousands of Kuwait's oil workers began an open-ended strike on Sunday in protest at plans to cut their wages, action which saw the emirate's crude production plunge.
A deal among some Opec producers and Russia to freeze production is perhaps "meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior IEA executive said.
Qatar said on Tuesday that it has invited Iran to join talks among the world's top oil producers next month on implementing a proposed output freeze to stabilise plummeting prices.
