Higher Oil Price Would be an Issue, Says Owen
Oil pared its biggest drop in more than two months as Saudi Arabia’s offer to cut output opens the door to a future OPEC deal, even as it doesn’t expect an agreement this week when members of the group meet. Futures advanced as much as 1.1 percent in New York after slumping 4 percent on Friday. While Saudi Arabia and Iran didn’t reach an agreement after two days of preparatory talks in Vienna, the kingdom did offer to pump less crude if Iran caps output at current levels, according to two people familiar with the negotiations. Saudi Arabia proposed to cut its production to January levels, Algerian Energy Minister Noureddine Boutarfa said Sunday. Jefferies International Chief European Economist David Owen discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."