OPEC meeting on limiting oil production failed

Saudi Arabia refused to participate in the event.

Meeting OPEC members with countries that are not part of the organization, to discuss measures to restrict oil production was canceled. Saudi Arabia refused to participate in it.

The event was scheduled to take place on Monday, November 28, reports Bloomberg with references to sources in the oil cartel. Russia also had to participate in the meeting. It is noted that instead a new internal meeting of representatives of the countries of the cartel was appointed.

During the meeting, the sides plan to discuss whether Iraq and Iran will agree to reduce oil production, which Saudi Arabia demands from them. In addition, Saudi Arabia wants to meet with non-OPEC countries only after the internal contradictions in the organization are resolved.

Recall that in October the first meeting of the representatives of the Organization of the Exporting Countries with the delegations of other oil-producing countries, which discussed the possible reduction of production, ended without specific arrangements. There was no consensus to reduce production. It was also reported that the meeting did not count on the rise in oil prices at the end of 2016 and in 2017.

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