OPEC officials failed on Monday 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.
With just two days left before ministers from the Organization of Petroleum Exporting Countries meet to finalize the first decline in production in eight years, the foundations for a deal are looking increasingly shaky.
After a 10-hour meeting, Iraq and Iran continued to express objections, according to an OPEC delegate who asked not to be named due to the sensitivity of the negotiations.
The result: OPEC officials agreed to refer the matter to ministers for further consideration. A proposed deal would trim production by 1.2 million barrels a day from October levels, though it remains unclear whether the idea has the support needed for approval, the delegate said.