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

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza