OPEC sec gen speaking from the OPEC/non-OPEC meeting in Vienna today
The meeting started at 09.30 GMT
Comment coming in the wake of those already from:
Saudi Arabia:
- target for non-OPEC cuts still 600k bpd
- we have a deal already and are just putting together the final touches
Russia:
- no risks that deal will fail
Iraq:
- non-OPEC deal almost done
- deal is seen as enough to stabilise markets
Venezuela:
- we have a deal
- Mexico will contribute 150k bpd of cuts
- proposing summit of OPEC ,non-OPEC to discuss pricing formula
Iran:
- strong commitments from non-OPEC countries
- historical time for OPEC/non-OPEC
- non-OPEC will start cutting from 1 Jan
- no figures agreed yet
UAE:
- will inform oil customers of lower nominations from 1 Jan
OPEC wants commitments from countries outside the group to cut by 600,000 barrels a day, in what would be the first such accord with non-OPEC producers since 2001. About half of that is expected to come from Russia.
So no official declaration as yet but it's looking like 600k bpd cuts at least is the figure they're aiming for versus the 1.2bpd cuts agreed by OPEC last week.
Reuters has more here and Bloomberg has this
Further oil production cuts on their way
