NEW YORK (TheStreet) -- Ministers of OPEC are meeting Wednesday in Algeria to informally discuss the possibility of a production freeze that would ease the oversupply of crude oil that has depressed the price of the commodity in recent years.
Iran could complicate matters, iiTrader Director of Managed Futures Oliver Sloup told BloombergTV on "Bloomberg GO" Wednesday.
"They are in no rush to cut or freeze anything," Sloup said. "They're trying to regain market share. They're just coming back to these pre-sanction levels from five years ago, so they really want to get to that four million barrels a day mark to level things out."
Iran has been scrambling to catch up in the oil export economy since the U.S. and EU lifted crippling economic sanctions on the nation in January.
OPEC will formally meet in Vienna at the end of November, but any consensus the countries reach may not affect the crude market that much.
"Even if they do come to consensus in that November meeting, it's gonna be whether they stick with it or not," Sloup said. "That's gonna take some time to play out. Overall, in the longer term picture, we feel that supply is going to outweigh demand."
Crude oil (WTI) and Brent crude prices were trading higher on Wednesday morning.