, Columnist
Saudi Arabia's OPEC Cliffhanger
As ever, it all comes down to whether the Saudis want -- or need -- a deal.
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OPEC oil ministers will meet on Nov 30 to agree their first output cut since the 2008 financial crisis. The deal will be "a total success," according to Venezuela's president. His oil minister had already called it "a historic agreement, one that's never been seen before."
Stirring stuff to be sure, but can they deliver? The balance of expectations favors an agreement. OPEC has invested too much credibility to fail. That may be so, but a similar investment didn't save the deal to freeze output that collapsed at the last minute earlier this year.