OPEC Deal in Balance as Saudi Arabia, Russia Meet for Talks - Bloomberg:
As ministers from OPEC and its allies arrive in Vienna for crucial talks, all have made clear they agree on the need for a cut in oil production. But none have explained how they’ll turn that desire into a reality.
With just a day to go before a critical OPEC summit, Saudi Arabia and Russia are set to meet Wednesday for make-or-break preparatory talks that’ll set the direction for the oil market. The stakes are high after prices suffered their largest monthly drop since the global financial crisis in November, and politicians including Donald Trump call on OPEC to keep energy prices in check.
“There is little disagreement among OPEC members over the need to cut, but there is not yet consensus over how much,” said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. “Communicating a large cut, if one can be agreed upon, will still be fraught with challenges given complicated U.S.-Saudi relations.”
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