Opec production deal on the line ahead of meeting in Vienna

Saudi Arabia's oil problems run far deeper than OPEC

In September the oil exporting cartel members voted for the first production cut in eight years.

OPEC said it would exempt Iran, Libya and Nigeria from cuts as their output has been crimped by unrest and sanctions.

Crude oil's fall dominated markets today as investors continue to fear a deal will not be reached at tomorrow's all-important OPEC meeting.

Brent futures fell US$1.86, or 3.9 per cent, to settle at US$46.38 a barrel, while USA crude lost US$1.85, or 3.9 per cent, to US$45.23. Brent crude, the North Sea benchmark, had risen well over 6.5 per cent to break the $50 per barrel mark.

"The ordinary meeting of OPEC members in Vienna on November 30 will bear the desired fruits if discussions will be held based on economic and business views and all the members remain committed to what was agreed upon in Algiers in September", Bijan Namdar Zanganeh was quoted as saying by Fars.

Documents prepared for Wednesday's meeting propose the group cut production by 1.2 million bpd from October levels, an OPEC source familiar with the papers said. Indonesian Energy Minister Ignasius Jonan said he was not sure OPEC would clinch a deal to limit oil output when it met.

Russian Federation is one of the countries that strongly support OPEC oil production cuts and said that it will accompany OPEC in the reduction of oil production. Goldman Sachs Group said the market is pricing in a 30% chance of a deal.

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Meanwhile, Boutarfa said that if OPEC members agree, oil prices will reach 50-60 USA dollars per barrel by next year.

He added that while non-OPEC oil producers had increased their supply by 1.5 million barrels a day in 2015, the consortium now expects non-members' oil supply to shrink by 800,000 barrels a day in 2016 - and to grow even less in 2017, at a rate of 200,000 barrels a day.

Last week, Saudi Arabia pulled out of the meeting, arguing Opec needs to sort out its internal divisions before engaging with other producers.

Al-Sada said major non-OPEC producers were ready to act in concert by tentatively planning to reduce their output.

Oil prices initially started crashing on Tuesday afternoon after Iran said that it won't participate in any upcoming cut to production.

Since Opec's 14 members produce only a third of the world's oil, their ability to reduce the global supply glut and influence prices is limited.

Saudi Arabia, the cartel's de facto leader, hinted that it would allow regional rival Iran to pump at pre-sanction levels as part of a deal. It also disputes with OPEC the level of its current output.OPEC kingpin Saudi Arabia added to the pessimism about prospects for a deal on Sunday by appearing to say it could live...

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