Thu Dec 6, 2018, 04:31 PM

OPEC Talks End Without Oil-Cuts Deal as Russia Holds Back

• Negotiations to continue with non-OPEC allies on Friday
• Saudi oil minister says he isn’t confident there’ll be a deal

By Javier Blas , Salma El Wardany , and Elena Mazneva
December 6, 2018, 5:40 AM EST Updated on December 6, 2018, 1:54 PM EST

OPEC ended talks without a deal on oil production cuts for the first time in nearly five years as Russia flexed its muscles by so far refusing to commit to the big output curb that Saudi Arabia is demanding.

After two days of talks in Vienna, Saudi Energy Minister Khalid Al-Falih said he isn’t confident of an agreement when the Organization of Petroleum Exporting Countries meets again with its allies on Friday. A proposal for a combined OPEC and non-OPEC cut of 1 million barrels a day was left dangling in uncertainty.

“Not everybody is ready to cut equally,” Al-Falih told reporters in Vienna. “Russia is not ready for a substantial cut.”

The failure to secure a deal yet is the latest example of how OPEC is under pressure from forces that are re-drawing the global oil map, leaving it increasingly dependent on the support of non-member Russia. In a striking development, the U.S. government revealed that it turned into a net exporter of petroleum for the first time in 75 years last week thanks to the shale boom.



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Reply OPEC Talks End Without Oil-Cuts Deal as Russia Holds Back (Original post)
RCW2014 Dec 2018 OP
akaConcernedCanuk Dec 2018 #1

Response to RCW2014 (Original post)

Thu Dec 6, 2018, 06:54 PM

1. I am reminded that one of the greatest contributors to the USSR's breakup

was not really it's war on/in Afghanistan, but rather the inability to repay debts incurred as a result of said war because the USA flooded the market with cheap oil that ruined USSR's oil-dependant economy . . .

I wonder if Putin remembers . . . . . .


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