OPEC and partners face steep challenge to reach oil cut deal


OPEC and partners face steep challenge to reach oil cut deal

OPEC will meet with 10 partner countries, including Russia, on Friday to try to thrash out an agreement on oil production cuts, a day after the group’s members failed to reach a deal. The oil cartel had been expected to sign off on cuts to stem a plunge in oil prices at a meeting on Thursday, but it broke up without an accord.

“No, I am not confident” about the chances of a deal, Saudi oil minister Khalid Al-Falih told reporters after a long day of negotiations at OPEC’s headquarters in Vienna.

However, OPEC and its non-cartel members — who account for around half of global output — agree on one thing: a glut on the market has led to oil prices falling by more than 30 per cent in the space of two months. Read More

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