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OPEC Tries to Salvage Deal as Saudis Say Cut Isn’t Essential

  • Algeria, Venezuela ministers travel to Russia to seek support
  • Oil market to recover in 2017 even without cuts, Al-Falih says
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Oils Markets Await OPEC Agreement Outcome

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OPEC ministers flew to Moscow and officials in Vienna started another round of talks in an effort to salvage an agreement on production cuts, just as Saudi Arabia said a deal might not be necessary.

With only two days to go before ministers from the Organization of Petroleum Exporting Countries try to finalize the first production decrease in eight years, the foundations for a deal are looking shaky. A final round of diplomacy focused on internal divisions over how to share the cuts and Russian resistance to reducing supply, which already forced the cancellation of crucial talks with non-OPEC suppliers. Khalid Al-Falih, the Saudi oil minister, for the first time on Sunday floated the possibility of leaving Vienna without an agreement.