OPEC Scrambles To Salvage Oil Deal In 11th Hour As Tensions Spike
One day after Saudi Arabia raised the prospect that Wednesday’s OPEC summit in Vienna may conclude without a deal (which also was spun as optimistic as the market would still revert to “equilibrium”, however it was unclear at what price), OPEC members tried on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia.
OPEC experts started a meeting in Vienna at 0900 GMT (4:00 a.m. ET) and were due to make recommendations to their ministers on how exactly the Organization of the Petroleum Exporting Countries should reduce production when it meets on Nov. 30. At the same time, the Algerian and Venezuelan oil ministers flew to Moscow on Monday and Tuesday in a final attempt to persuade Russia to take part in cuts instead of merely freezing output, which has reached new highs in the past year.
This post was published at Zero Hedge on Nov 28, 2016.