A soldier patrols in front of the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 29, 2016. REUTERS/Heinz-Peter Bader
Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday.
OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC's de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts.
"The revival of Iran’s lost share in the oil market is the national will and demand of Iranian people," Iranian news agency Shana quoted the country's oil minister Bijan Zanganeh, who was due to arrive in Vienna later on Tuesday, as saying.
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WNU Editor: The meeting is tomorrow .... but there is no consensus on production cuts. My prediction .... expect this .... Get ready for $40 oil if OPEC deal collapses (CNN). For countries like Venezuela that are dependent on oil exports for their revenues .... this will be a disaster.