Major Disagreements Between OPEC Members Revealed On Production Cuts Before Major Meeting This Wednesday

A table with OPEC logo is seen during the presentation of OPEC's 2013 World Oil Outlook in Vienna , in this November 7, 2013 file photo. REUTERS/Leonhard Foeger

Reuters: OPEC makes last-ditch bid to save oil deal as tensions grow

OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement.

OPEC experts started a meeting in Vienna at 0900 GMT (4:00 a.m. ET) and were due to make recommendations to their ministers on how exactly the Organization of the Petroleum Exporting Countries should reduce production when it meets on Nov. 30.

Meanwhile, the Algerian and Venezuelan oil ministers were to travel to Moscow on Monday and Tuesday in a final attempt to persuade Russia to take part in cuts instead of merely freezing output, which has reached new highs in the past year.

In September, OPEC, which accounts for a third of global oil production, agreed to cap output at around 32.5-33.0 million barrels per day versus the current 33.64 million bpd to prop up oil prices, which have more than halved since mid-2014.

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Update #1: Saudi Arabia sets high bar for Opec supply deal (Financial Times)
Update #2: OPEC Meeting Preview: New Drama Unfolds (Forbes)

WNU Editor: The differences on what to do are too many between OPEC members and Russia when it comes to production cuts. And if they do agree to production cuts .... any increase in the price of oil will only result in U.S. oil riggers taking advantage of the situation to increase their own oil production.