NEW YORK (TheStreet) --Oil prices are trading in the red on Monday morning following a consultation between OPEC and non-OPEC members over the weekend in Vienna, where the non-OPEC members would not commit to capping production. The next meeting will take place on November 30.
Commerzbank is expecting oil prices to be pressured further today as OPEC production surveys are forecast to show that the group produced "significantly more oil than necessary in October," Reuters reports.
OPEC Secretary General Mohammed Barkindo called into BloombergTV's "Bloomberg Daybreak: Americas" from Vienna this morning to discuss the probability of getting a production cut at the November meeting.
"If you will recall on the 20th of September OPEC took an all-inclusive decision to restore stability to the markets and all our member countries agreed to the Algiers' accord, to limit production levels to 32.5 [million] to 33 million barrels a day. We remain committed to the implementation of this accord," Barkindo said.
BloombergTV's Alix Steel questioned Barkindo on what exactly OPEC's commitment looks like as it appears that "everyone wants to back out." Steel noted that Iraq and Libya, as well as a few other nations want to be exempt from the cut, which is becoming an issue for the market.
"The decision in Algiers was an all-inclusive one," Barkindo responded. "All 14 [OPEC] member countries agreed to this accord. In addition it was agreed to form this high level committee of technical experts to work out an acceptable framework for the implementation of this accord."
When it comes to Iraq the belief has been that the country does not want to cut production and is in fact producing more than OPEC believed. When Steel made this point to Barkindo he told her she didn't have the correct information and that he had met with the country's oil minister and president a few days ago. Barkindo says he was given assurances that Iraq is committed to implementing the accord.