OPEC Works Toward Deal as Saudis Propose Plan for Higher Output
Bloomberg.com — The odds of OPEC reaching an oil-production deal increased as Iran edged away from a threat to veto any agreement that would raise output and Saudi Arabia put forward a plan that would add about 600,000 barrels a day to the global market.
At the end of a day of diplomatic back-and-forth in Vienna on Wednesday, delegates were increasingly positive that a deal would be reached at Friday’s meeting of the Organization of Petroleum Exporting Countries.
After sitting down with several counterparts, Iranian Minister Bijan Namdar Zanganeh said he was optimistic about the outcome of the OPEC meeting, a marked contrast to comments on Tuesday when he said a deal was unlikely. He also spoke with Russian Energy Minister Alexander Novak by phone.
“I’m confident that at the end of the day reason will prevail,” Saudi Energy Minister Khalid Al-Falih told reporters in Vienna after a succession of meetings. He echoed earlier comments from OPEC Secretary-General Mohammad Barkindo. […]