October 20, 2018

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OPEC members disagree over production cuts

OPEC members disagree over production cuts

OPEC members preparing to decide production policy on Friday failed to overcome differences in pre-summit talks, leaving the group divided over the need for output curbs.

The informal gathering in Vienna ended with nothing determined, minister from the United Arab Emirates and Iraq said Thursday. There were disagreements but the meeting was fruitful, Iran’s oil minister said, while Ecuador described the talks as difficult.

Ministers are expected to decide against cutting production even as crude prices languish near a six-year low. That will leave most OPEC members unable to balance their budgets, with only Qatar able to do so if Brent crude averages $57.30 a barrel next year, as forecast.

Following are the latest comments from OPEC members and analysts. The respective shares of supply are based on October levels. The estimates for the price that each member needs to balance its budget are from the International Monetary Fund unless stated otherwise. Read more

 

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