OPEC Deal Still Elusive Even After Saudis Offer Oil Cuts to Iran - Bloomberg

OPEC Deal Still Elusive Even After Saudis Offer Oil Cuts to Iran - Bloomberg:

"OPEC members aren’t likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signaled for the first time in two years that it’s willing to cut production.
Saudi Arabia and Iran, whose rivalry thwarted a deal with other major producers in April, didn’t reach agreement after two days of preparatory talks in Vienna, including the Saudi offer to pump less if Iran caps output at current levels, according to two people familiar with the negotiations. While the kingdom doesn’t now anticipate any formal decision on supply will be taken in the Algerian capital, talks will continue and OPEC meets again in two months, said a delegate familiar with its policy.
The impasse between the Middle East neighbors dims the prospects that OPEC and Russia will cooperate to curb a global supply glut next week -- already seen as unlikely by market watchers. The delegation from Moscow only intends to join discussions after OPEC members reach a supply agreement between themselves and they could leave before the informal talks scheduled for Sept. 28, three people familiar with the matter said."



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Putin opens production at new Russian oilfield as output touches record high | Reuters

Putin opens production at new Russian oilfield as output touches record high | Reuters:

"President Vladimir Putin officially launched production at a new oil field on Wednesday, a day after Russia's output touched a record high even as Moscow prepared to join talks aimed at supporting prices.

OPEC and non-member producers including Russia will meet next week to discuss a potential deal to stabilize the market by at least freezing output in efforts to contain a supply glut that triggered a price collapse two years ago.

But OPEC producers Saudi Arabia, Iraq and Iran have pushed output to record highs this year in a bid to gain market share despite low prices."



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