London: The Organization of the Petroleum Exporting Countries’ (Opec) final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts. With less than a week until the crucial Vienna ministerial meeting, the refusal of just one major producer to participate could scuttle the whole deal. Even if Iraq, second only to Saudi Arabia in the Organization of Petroleum Exporting Countries, is on board, other obstacles remain. Russia’s offer to freeze production at record levels -- if Opec does a deal -- isn’t good enough for some members who are asking for a cut. Iraq has been disputing the Opec supply estimates that would form the basis of cuts, saying they underestimate its production.

Source: Mint November 25, 2016 09:54 UTC