By Alex Lawler and Rania El Gamal ALGIERS (Reuters) - Iran downplayed on Monday the chances of OPEC and non-OPEC oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group said they still hoped for steps to tackle a price-eroding glut of crude. Oil prices have more than halved from 2014 levels due to oversupply, prompting OPEC producers and rival Russia to seek a market rebalancing that would boost revenues from oil exports and help their crippled budgets. The predominant idea since early 2016 among producers has been to agree to freeze output levels, although market watchers have said such a move would fail to reduce unwanted barrels.
By Barani Krishnan and Amanda Cooper NEW YORK/LONDON (Reuters) - Oil jumped nearly 4 percent on Monday as the world's largest producers gathered in Algeria to discuss ways to support prices, with nervous trade driving volatility to its highest since a similar meeting to freeze output in April in Doha which failed. The Organization of the Petroleum Exporting Countries and other exporters led by No. 1 producer Russia are meeting informally on the sidelines of the International Energy Forum in Algeria from Sept. 26-28 to discuss steps to tackle a price-eroding glut of crude. Key OPEC member Iran, the fourth largest crude exporter which is still trying to recapture output before Western sanctions in 2012, downplayed the chances of a deal while some OPEC members remained hopeful.
Canadian-Iranian professor Homa Hoodfar has been released from an Iranian prison and flown out of the country, Prime Minister Justin Trudeau confirmed Monday. Iran's state-run news agency reported that Hoodfar had been freed from prison and flown out of the country. IRNA said Hoodfar was freed on humanitarian grounds.
Mi'kmaq protesters are blocking access to a construction site near proposed natural gas storage caverns in Nova Scotia, saying the project threatens a tidal river that passes through their traditional lands. About 20 people were gathered near the Alton project in Fort Ellis on Monday, close to a small island where the tidal Shubenacadie River meets a channel in which salt water is to be discharged. Mi'kmaq elder Isabelle Knockwood held eagle feathers and members of the group spread juniper branches over the road near the locked steel gate, as four private security officers calmly looked on.
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