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OPEC Releases Schedule For Nov. 30 Meeting; Fails To Agree On Anything Else

Monday, November 28, 2016 12:58
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(Before It's News)

In an intraday update on the current status of pre-summit negotiations taking place Monday in Vienna, an OPEC delegate told Bloomberg that there have been “no big changes in the position of either Iran or Iraq” at the high-level committee talks, which began 8 hours ago, in Vienna. As a reminder, both Iran and Iraq have sought exemptions from cutting oil production and according to the Algiers agreement in late September, Iran had been granted just that, however since then Saudi Arabia appears to have reneged on its concession.

So with both Iran and Iraq refusing to yield to Saudi will, there is little else to report:

  • OPEC COMMITTEE MEETING HAS NO AGREEMENT SO FAR: DELEGATE: BBG

So as OPEC has so far failed to reach an internal agreement two days ahead of the big meeting, Iran and Russia now appear to be having side talks:

  • PUTIN, ROUHANI AGREED TO COORDINATE ACTIONS ON COMMODITY MKTS
  • PUTIN, ROUHANI STRESSED IMPORTANCE OF OPEC EFFORT TO CUT OUTPUT
  • PUTIN, ROUHANI SEE OPEC EFFORT AS `KEY FACTOR’ IN STEADYING MKT

There was some good news, however: suggesting that OPEC can agree on at least something, today the OPEC website released a tentative draft of the Program schedule of event for the November 30 meeting, presented below.

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