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Sunday, 30 October 2016

Opec impasse prevents oil production deal in Vienna | The National

Opec impasse prevents oil production deal in Vienna | The National:

"Opec’s internal disagreements over how to implement oil-supply cuts agreed on last month prevented a deal to secure the cooperation of other major suppliers.

More than 18 hours of talks over two days in Vienna yielded little more than a promise that the world’s largest oil producers would keep on talking. Discussions will continue in late November, just days before the producer group is supposed to finalise the accord that lifted oil prices to one-year highs.


Non-Opec nations ended talks with the group on Saturday without making any supply commitments, Brazil’s oil and gas secretary Marcio Felix said after the meeting. The outcome of the process hinges on Iran and Iraq, two nations that are more interested in increasing production than reducing it, said Azerbaijan’s energy minister Natiq Aliyev."



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