OPEC experts met late November, ahead of their schedule meeting in Vienna to discuss means to global market stability. Yet, they ended the meeting without agreeing on concrete details of a planned reduction in oil output. Iraq and Iran continued to express objections, and they agreed to refer the matter to an OPEC ministerial gathering on November 30, reported Reuters.
A proposed deal would trim production by 1.2mb/d from October levels, though it remains unclear whether the idea has the support needed for approval, as countries struggles to reach a consensus, according to Bloomberg. Iran suggested a deal whereby it freezes production at 3.975mb/d, or about 200,000b/d above its current output. In return, Saudi Arabia countered with a proposal for Iran to cap output at 3.707mb/d, roughly its current level. Algeria offered a compromising alternative that would see Iran freezing at 3.795mb/d.
As OPEC tries to resolve its own differences, the group is also asking other big producers to reduce output by as much as 600,000b/d. However, Russia’s Energy Minister, Alexander Novak, said that he has no plans to visit Vienna, but Russia was ready to talk with OPEC once the group reaches an internal consensus.