OPEC in Turmoil

OPEC members have widely differing opinions on oil prices and prior to the planned Nov 30th meeting, representatives have failed to come to any agreement. Iran and Iraq talked for nine hours insisting on increases in production numbers. Venezuela’s and Algeria’s oil ministers traveled to Moscow to try to get Russia to agree to limit or freeze output. In September OPEC has reached a tentative agreement to cap production as 32.5 to 33.0 million barrels per day and the November 30 meeting was expected to “rubber stamp” that agreement. With Iran and Iraq pushing for higher output and Saudi Arabia’s Oil Minister recently says that markets would rebalance on their own, all bets are off for any comprise.