OPEC set for no deal as Iran Rejects Saudi oil output offer

Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude. "The gap (in views) between OPEC countries is narrowing. 

 

I don't expect that an agreement will come out of the consultations tomorrow," Saudi Energy Minister Khalid al-Falih told reporters. Iranian Oil Minister Bijan Zanganeh said earlier: "It is not the time for decision-making." Referring to the next formal OPEC meeting in Vienna on Nov. 30, he added: "We will try to reach agreement for November."

 

The Organization of the Petroleum Exporting Countries will hold informal talks at 1400 GMT on Wednesday. Its members are also meeting non-OPEC producers on the sidelines of the International Energy Forum, which groups producers and consumers.

 

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