Will Oil Producers Outside OPEC Join the Cause to Freeze?
Eni SpA’s chief executive officer called for oil producers outside OPEC to join the group in cutting production to stabilize the market and said his company could still make money with crude at $50 a barrel. OPEC, which pumps about 40 percent of the world’s oil, agreed in Algiers last month to trim output for the first time in eight years, and is trying to persuade producers from outside the group, such as Russia, to join the cuts. OPEC wants to put the changes into effect when it meets in Vienna on Nov. 30, with the agreement to last one year starting in January, state-run news agency APS reported Monday, citing Algeria’s energy minister, Noureddine Boutarfa. BNP Paribas Investment Strategist Daniel Morris discusses with Anna Edwards and Yousef Gamal El-Din on "Bloomberg Daybreak: Europe."