OPEC Sec General Optimistic About Oil Production Agreement Next Month

OPEC should be able to reach a deal next month to limit oil production without too much disagreement about individual countries’ output levels, the producer group’s secretary-general said on Tuesday.

Mohammed Barkindo also told journalists on the sidelines of the Oil & Money conference that Russia, which is not in OPEC, was not backtracking on its pledge to contribute to output limits should OPEC reach a deal at its next meeting on Nov. 30.

“We expect that all the building blocks will be in place in a timely fashion for the implementation,” Barkindo told the conference, an annual London gathering of top oil officials and company executives.

“I am optimistic we will have a decision,” he said.

The Organization of the Petroleum Exporting Countries agreed in Algiers on Sept. 28 to reduce production to a range of 32.50 million to 33.0 million barrels per day, its first output cut since 2008.

Oil prices have risen to a 2016 high near $54 a barrel since the decision.

via Reuters

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