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 
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.