OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut -- and prove the group’s credibility -- brought about its first cuts in eight years, Bloomberg News reports.
Oil prices have soared as the Opec cartel gathered in Vienna in an attempt to thrash out a deal to tackle the global supply glut.
After weeks of often tense negotiations, OPEC ministers gathering in Vienna expressed renewed optimism about salvaging a deal to cut oil production and prop up global prices.
After weeks of often tense negotiations, OPEC ministers meet in Vienna on Wednesday to try and salvage a deal to cut oil production and prop up global prices.
An OPEC deal to curtail oil production and prop up global prices appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.
The heads of Opec member countries will meet in Vienna today in an attempt to hammer out a deal on production cuts.
It’s coming down the wire.
Iraq’s prime minister says his country will agree to cut its own oil production as part of a plan by Opec to push crude prices higher.
OPEC officials failed to bridge their differences on an agreement to cut production and revive oil prices, following comments from Saudi Arabia that output curbs aren’t essential.
OPEC surprised the market in September with a preliminary agreement to reduce supply to 32.5 million to 33 million barrels a day, breaking a two-year policy to pump at full throttle. The news pushed prices above $50 a barrel in New York for the first time since June, but optimism faded as subsequent meetings failed to decide cuts for individual members.
After two tough years of falling oil prices and company valuations, investors in the world’s biggest energy producers have some cause for hope as crude prices continue their recovery from a 12-year low. They will be looking to OPEC not to dash it.
Oil held declines near $46 amid skepticism over OPEC’s ability to reach an agreement to cut output and as representatives prepare to meet Monday amid last-minute negotiations over the deal the group aims to formalize Wednesday.
Three days from a crucial meeting, OPEC’s deal to curb oil production and end years of global oversupply hangs in the balance. But even if ministers hash out a meaningful accord on Wednesday, there are dangers for the oil-exporter club.
Iran is assessing a proposal for a collective OPEC output cut, but hasn’t announced any commitment to reduce its own production as the group tries to end disagreements about how to share the burden of supply cuts ahead of a meeting in Vienna.
OPEC’s final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.
Rivals of OPEC seeking to reach its most-prized oil customers are finding that the long way around is better than any shortcut to success.
As the oil market anxiously awaits OPEC’s decision next week, some of the countries hardest hit by the biggest price crash in a generation may have found a lifeline outside of the group.
An oil price surge triggered by a successful OPEC agreement to cut production could be snuffed out as supply surges back, according to the head of International Energy Agency.
For months, Russia has told OPEC its preferred option in any eventual oil-supply deal was to freeze production, rather than to cut it. It’s dawning on the group that Moscow may actually mean it.
Iraq said it is willing to cut its crude oil output as part of OPEC's plan to reduce global supply and boost crude prices.
OPEC talks in Vienna Tuesday didn’t resolve whether Iraq and Iran will join any production cuts, instead deferring the crucial matter to ministers who will meet on Nov. 30, said two delegates.
Oil traded near a three-week high as OPEC members sought to reach an agreement on output cuts.
Iraq has said OPEC should continue to raise output with no restrictions, ahead of next week's meeting.
OPEC is on track to finalize the details of the Algiers accord to cut oil production at a meeting in Vienna on Tuesday, said a delegate from Nigeria.
Oil surged for a third day on signs OPEC members have made progress toward finalizing a deal to cut output.