The Iranian oil minister says he will study the proposal and formally respond at the November 30 meeting. Al-Falih added he sees no imperative to cut Saudi Arabia’s 10.6 million bpd production and does not believe that OPEC has to cut production at all. Saudi Arabia is prepared to walk away from a deal if OPEC cannot reach an agreement and Saudi Arabia will not make any additional concessions. It is still possible for a deal to fall into place at Wednesday’s OPEC meeting or for the framework of a new deal to take form. For live updates from the OPEC meeting from Vienna on November 30 follow me @EnergzdEconomy and check back here for analysis as details unfold.

Source: Forbes November 28, 2016 02:48 UTC