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UPDATE: OPEC ended second day meeting without an output cut agreementUPDATE: OPEC ended second day meeting without an output cut agreement |
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OPEC members ended the second day meeting in Vienna without any concrete agreement on the oil output reduction, as “member countries are not ready to cur equally”.
Four members – Libya, Iran, Nigeria, and Venezuela have requested for special exemption from the cut while other members are arguing if the Saudis and the Emiratis, who are overproducing should bear the brunt of the cuts or it should spread the target equally.
The ‘+’ member of the cartel – Russia will join the meeting on Friday but said earlier that it would only seek a small reduction of 150,000 barrels a day. OPEC was discussing a reduction of around 1 million barrels a day for the whole group.
