Iran appeared on Friday to be the main obstacle for an OPEC deal to cut oil production as the group’s leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran, two OPEC sources said.
The Organization of the Petroleum Exporting Countries (OPEC) resumes discussions in Vienna during the day before heading into a meeting with non-OPEC oil producers led by Russia.
On Thursday, OPEC tentatively agreed an oil output cut but could not decide concrete parameters for reductions as it was waiting for a commitment from non-OPEC heavyweight Russia, sources from the group said.
On Friday, two OPEC sources said Saudi Arabia’s arch-rival Iran, which came under fresh U.S. sanctions in November, was also holding up a final deal. Read More