As Saudi Economy Struggles, Five Banks Stand FirmSaudi Arabia is walking away from upcoming talks with non-OPEC members, including Russia, amid disagreements on how to share the burden of oil production cuts. OPEC officials were scheduled to meet with non-members including Russia on Monday before an OPEC ministerial meeting in Vienna on Wednesday. Both Iraq and Iran have inched closer recently to agree to an oil production cut. Moreover, last month Baghdad encouraged international oil companies operating in Iraq to actually ramp up oil production next year – a position diametrically opposed to any kind of oil cut agreement. Former international sanctions could also cause Iran to balk at any OPEC oil production cut plans.

Source: Forbes November 26, 2016 01:02 UTC