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News Brief | January 2017

OPEC makes last-ditch bid to save oil deal

OPEC was trying to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement. OPEC experts started a meeting in Vienna to make recommendations to their ministers on how exactly the Organization of the Petroleum Exporting Countries should reduce production. Meanwhile, the Algerian and Venezuelan oil ministers travelled to Moscow in a final attempt to persuade Russia to take part in cuts instead of merely freezing output, which has reached new highs in the past year.
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