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.

Lower-middle order contribution vital for India: Jadeja
Ashwin's wicket ended a 97-run seventh-wicket stand between him and Jadeja. "The lower-order contribution is a proud achievement". Umesh and Mohammad Shami (1 not out) managed to add only three runs to the total before India were packed off to the pavilion.

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...

Related news:

Hot News

isis-killer-beheading-video-story-top How to check if your iPhone 6s needs its battery replaced
Dec 01, 2016 - 07:43
Apple has always believed in providing users the best offerings and the iOS update is a "trial and error" method. However in the iOS 10.1.1 it seems that when a certain battery percentage is reached the iPhone just shuts down.

isis-killer-beheading-video-story-top Ford Fiesta Previewed in Europe
Dec 01, 2016 - 07:38
ST-Line, inspired by Ford Performance, is the sporting offering that is also part of Ford's "heart and soul", as Farley puts it. These models will have exclusive alloy wheel options, a sporty bodykit and flat-bottomed steering wheel.

Fight for $15 protesters arrested in NY
Nov 30, 2016 - 15:51
Almost three dozen people demanding a $15-per-hour minimum wage have been arrested following a demonstration in Cambridge. There were moves made this year to increase the minimum wage on both the city and state levels in Louisiana.

isis-killer-beheading-video-story-top Recount to start Thursday; Stein request for hand tabulation denied
Nov 30, 2016 - 15:50
In all, 260 precinct-level recount challenges had been filed, the campaign said, with that number expected to rise. In Michigan, Stein's lawyer notified election officials Monday that she will file a recount petition on Wednesday.

Jaguars Notebook: Who is to blame for McCoy 75-yard TD run?
Nov 30, 2016 - 15:48
After rookie Jonathan Williams converted a fourth-and-1, McCoy found the end zone on a 7-yard run with 20 seconds remaining. He won't get his wish, because McAulay is scheduled to work the Monday night game between Green Bay and Philadelphia.

isis-killer-beheading-video-story-top Broncos have fallen to seventh in AFC playoff race
Nov 30, 2016 - 15:37
He picked up his third in the fourth quarter, salvaging a muffed catch by Jordan Norwood - his second - on a Chiefs punt. A 2-point failure and it's still a seven-point cushion. "It stinks to lose, especially going back and forth like that".

isis-killer-beheading-video-story-top Watch out for Cyber Monday scams
Nov 29, 2016 - 16:46
If you need the product before the holidays, find out when the seller intends to ship it and, if possible, how it will be shipped. These emails contain links to malicious software or direct unsuspecting users to a website asking for personal information.

Lego, iPad drive sales on Black Friday in the US
Nov 29, 2016 - 16:38
Forbes has listed some of the best deals provided by retailers such as Amazon , Best Buy , Target and Walmart. The results were tallied in the Cyber Monday Expectations Survey conducted by Prosper Insights & Analytics.

Playoff Committee High on Big 10 and Pac 12
Nov 28, 2016 - 15:26
The first go around between the two last season, the Buckeyes went into the Big House and embarrassed the Wolverines 42-13. Now, the Wolverines need a win against Ohio State to stay relevant in the College Football Playoff discussion.

Stores try to cater to savvier customers on Black Friday
Nov 27, 2016 - 14:04
Black Friday , the day after Thanksgiving, vies with the Saturday before Christmas as the busiest shopping day of the year. On Thursday, online sales hit almost $1.2 billion, a 13.6 percent jump compared with previous year , according to Adobe.

isis-killer-beheading-video-story-top Latest CFP Committee Rankings Has A (Slight) Shakeup
Nov 27, 2016 - 13:57
For the first time, the committee might have to look beyond a conference championship game result to identify the top four teams. Alabama is ranked in the top position for the third straight week, while Ohio State jumped three spots to number-two.

isis-killer-beheading-video-story-top How to watch Florida vs. Florida State online
Nov 27, 2016 - 13:50
Make friends: SB Nation's got team blog chats for this game at Alligator Army (for UF fans) and Tomahawk Nation (for FSU fans). The Seminoles' game against IL marked the 18th consecutive season they will play at least one Big Ten team in a single season.

isis-killer-beheading-video-story-top Even with holiday creep, Black Friday is a big shopping day
Nov 26, 2016 - 11:38
International "Buy Nothing Day" is an anti-Black Friday celebration for consumers who dread the post-Thanksgiving shopping craze. It's also increasing the number of products for online orders by 50 percent for the holiday kickoff compared to a year ago.

isis-killer-beheading-video-story-top Local shops prepare for Small Business Saturday
Nov 26, 2016 - 11:33
Scott says that small businesses, like her own, have the opportunity to make personal connections. Which is especially important, since they're all competing with online or big-box stores.

Flynn: Outspoken general, intelligence pro, Trump supporter
Nov 25, 2016 - 07:46
Flynn will follow in the steps of such previous national security advisers as Susan Rice, Condoleezza Rice and Henry Kissinger. Erdogan has accused the cleric, Fethullah Gullen, of orchestrating the July coup attempt and called for his extradition.