OPEC+ Heads to Crucial Talks Seeking Compromise on Oil Cuts
- Members are discussing whether to delay January output hike
- Ministerial panel on Sunday couldn’t reach a consensus
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OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.
The 23-nation coalition led by Saudi Arabia and Russia is debating whether to maintain the output cuts at current levels, deferring the increase scheduled for January. Some members are concerned that global markets remain too fragile to absorb additional barrels -- particularly after Libya’s output soared -- while others are keen to sell more crude.