OPEC Risks ‘Crying Wolf’ as Oil Trader Gunvor Doubts Accord
- Output accord probably won’t be reached at Algiers: Gunvor
- Iran moving closer to goal of pre-sanctions level production
How Low Can Oil Go if OPEC Production Freeze Fails?
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One of the world’s biggest commodities traders doubts oil producers will be able to agree on curbing output to pull up prices.
While it’s “easier” to have talks on freezing supplies now than it was at a meeting in Doha earlier this year, a deal is unlikely at a gathering in Algiers later this month, said David Fyfe, Gunvor Group Ltd.’s head of market research and analysis. Producers have pledged to discuss measures to help the market, but Saudi Arabia has said it sees no need to limit oil output and Russia expressed doubt that a cap is needed.