OPEC Said to Start Final Diplomatic Push on Oil-Cuts Plan
- Qatar, Algeria, Venezuela in shuttle-diplomacy to secure deal
- Iran and Iraq considering proposals, but so far no agreement
Oil Near 2-Month Low as Supply Swells
OPEC nations embarked on a final diplomatic effort to secure a deal on oil cuts, with Qatar, Algeria and Venezuela leading the push to overcome the divide between the group’s biggest producers, according to a delegate familiar with the talks.
The behind-the-scenes diplomacy comes after bilateral meetings over the weekend failed to resolve the rifts, leaving just two weeks to finalize an agreement before the Nov. 30 ministerial meeting in Vienna, according to the delegate, who asked not to be identified because the discussions are private. Saudi Arabia, Iraq and Iran are still at odds over how to share output cuts, the person said. Russia said it will hold informal discussions with some members of the group in Doha this week.