OPEC fails to agree production drop

OPEC officials meeting to work out the details of their plan to reduce oil production failed to reach an agreement after hours of talks on Friday.

The failed talks which ran for 11 hours in Vienna were held amid objections by Iran which has been reluctant to freeze its output.

The High Level Committee of experts will meet again in Vienna on Nov. 25 ahead of the next meeting of OPEC ministers on Nov. 30, to “finalise individual quotas”.

They will also meet with representatives of non-OPEC producers, which OPEC wants help from in curbing supplies.

The meeting of the High Level Committee is comprised mainly of OPEC governors and national representatives – officials who report to their respective ministers.

Reuters