In a rather unprecedented development of sorts, the 175th OPEC Summit's concluding press conference was cancelled, as member nations could not agree to er...a..concluding statement.
Sources say Iran, and other members exempt from oil production cuts, were asked to participate in a proposed cut and declined to do so.
Hence, the can got kicked down the road, and proceedings will resume on Friday (December 7). There is expected to be some sort of announcement after discussions with the Russians and 9 other non-OPEC producers. Things do remain on track for a 1 million barrels per day (bpd) cut, but its doubtful that would push the bears that far.
The event is unprecedented in recent times, and only once in the past has OPEC failed to hold a concluding press conference. We've had one even at times of acrimony and differing positions between its members over the years.
As for the market, WTI is down 4.86% to $50.32 per barrel, while Brent is at $58.88, down 4.35% following the development. Bit of a farce this is, but that's all from OPEC this evening. Keep reading, keep it 'crude'!
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© Gaurav Sharma 2018. Photo: Empty podium at the 175th OPEC Meeting Press Conference, Vienna, Austria © Gaurav Sharma 2018.