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