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OPEC experts meeting makes progress

Monday, Nov 21 2016
OPEC experts meeting makes progress

OPEC experts have made some progress on the first day of a two-day meeting to nail down details of their plan to cut oil output, OPEC sources said on Monday, with some expressing optimism about the prospect of a final deal.

The second meeting of the High-Level Committee began at 0930 GMT (04:30 a.m. ET). The committee is a technical body comprised mainly of OPEC governors and national representatives - officials who report to their respective ministers.

 

More than seven hours later, the first day's talks had yet to conclude but delegates said they were making headway and the meeting was scheduled to resume on Tuesday at 0900 GMT (04:00 a.m. ET). "Some progress," one of the delegates said. A second delegate said he was optimistic that the 14-country OPEC would reach a final agreement when its oil ministers meet in Vienna on Nov. 30.

 

Another source said there were "some concerns" from Iran, but discussions were ongoing and was confident there would be a deal on Nov. 30.

 

Source: Reuters.com

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