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Oil Fades After Iraq, Iran And Nigeria Oil Ministers All Decide To Skip OPEC Doha Meeting

Wednesday, November 16, 2016 14:24
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zerohedge.com / by Tyler Durden / Nov 16, 2016 11:48 AM

In yet another sign that behind the frequently blasted OPEC headlines meant to suggest a sense of OPEC unity yet which do nothing more than incite a short squeeze (as even Morgan Stanley has now admitted), there is far less cohesion, moments ago we learned that Nigeria’s Oil minister Emmanuel Kachikwu is the latest to skip this week’s Doha meeting scheduled for November 17 and 18. Earlier today we found that Iraq’s oil minister would likewise bypass the energy talks this week in Qatar, where rival producer Saudi Arabia plans to hold talks with Russia on possible collective action to limit production. Earlier today Bloomberg reported that his Iranian counterpart is also said to be giving the meeting a miss.

Iraq and Iran both want exemptions from any OPEC cuts in output, putting pressure on Saudi Arabia, the producer group’s biggest member, to bear the brunt of a possible reduction. The Organization of Petroleum Exporting Countries has yet to find a way to finalize a preliminary deal it reached in September to curtail supply, ending a two-year policy of pumping without limits.

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The post Oil Fades After Iraq, Iran And Nigeria Oil Ministers All Decide To Skip OPEC Doha Meeting appeared first on Silver For The People.

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