OPEC struggles to reach output cut consensus - reports

Thursday, 05. December 2019 21:04

The meeting of the Organization of the Petroleum Exporting Countries reportedly failed to reach a much-needed agreement on further output cuts, media reported on Thursday.

According to Energy Intelligence's Amena Bakr, the cartel was on the verge of reaching an output cut deal, which entailed 350,000 barrels a day cut for OPEC members and 150,000 cut for allied producers led by Russia, before the Angolan Energy Minister walked out of the meeting, indicating that his country does not want to be part of the deal.

Prices of oil were virtually unaffected following the news, with West Texas Intermediate futures for settlement in January adding 0.21%, to sell for $58.49 per barrel at 3:05 pm ET, while Brent for February delivery rose 0.73%, going for $63.50 per barrel at the same time.

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