OPEC Deal on Delaying Output Hike Is Elusive as Tensions Simmer

Group to hold second day of talks on Tuesday with OPEC+ allies
Iranian minister predicts a tough meeting, eventual consensus

An oil pumping jack, also known as a "nodding donkey", in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020.
Photographer: Andrey Rudakov/Bloomberg

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By Salma El Wardany, Grant Smith, Golnar Motevalli, and Javier Blas

November 30, 2020 at 2:28 PM UTC

Updated on

November 30, 2020 at 6:20 PM UTC

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OPEC talks ended without an agreement on next year’s oil output, with ministers punting the final decision into a second day of discussions as tensions in the cartel simmered.

The coalition is debating whether to maintain its supply cuts at current levels, or increase output as planned next year. Market-watchers have been expecting a three month delay -- and if the group doesn’t deliver the recent rally in crude prices could be undermined.