OPEC Splits Prevent Deal With Other Producers to Curb Supply
- Output-cut accord hinges on positions of Iran and Iraq
- Oman, Russia willing to participate if OPEC has its own accord
OPEC Split Prevents Output Deal
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OPEC’s internal disagreements over how to implement oil-supply cuts agreed to last month prevented a deal to secure the cooperation of other major suppliers.
More than 18 hours of talks over two days in Vienna yielded little more than a promise that the world’s largest oil producers would keep on talking. Discussions will continue in late November, just days before the Organization of Petroleum Exporting Countries is supposed to finalize the accord that lifted oil prices to one-year highs.