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Tuesday, 29 November 2016

Opec heavy-hitters rush to rescue supply deal

Opec heavy-hitters rush to rescue supply deal:
"Opec’s most powerful members were rushing on Tuesday to rescue a supply deal designed to end the longest oil price decline in a generation.

Saudi Arabia, Opec’s largest producer, and its arch rival Iran have set out their positions ahead of Wednesday’s ministerial meeting in Vienna, with the kingdom hinting it could walk away from a deal if its conditions are not met and Tehran publicly saying it cannot compromise on its production rights.

But after 10 hours of closed-door talks, delegates from the 14-member group made progress on Monday. There were signs of greater flexibility between the main players, which are trying to support prices that have more than halved since mid-2014."

'via Blog this'