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No agreement yet before OPEC talks


11-28-2016 11:33 BJT

Saudi Arabia will not attend Monday talks with non-OPEC producers on capping oil supply. OPEC sources say the kingdom wants to focus on having consensus within the organization first. The meeting in Vienna was planned to discuss the proposal of non-OPEC members to limit their production, before OPEC oil ministers clinch the deal Wednesday. Sources say the meeting will become another OPEC-only meeting, to try to resolve the group's internal differences.

A meeting of OPEC experts this past week made some progress in cutting the supply, but Iran and Iraq raised conditions for attending. The oil exporting cartel aims to clear a supply gut and lift prices after a more than two-year trough. It also wants non-OPEC members, such as Russia to cut production. Officials are still trying to reach agreement. Algerian Energy Minister Nouredine Bouterfa has been meeting Iranian and Iraqi officials for more talks.

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