OPEC’s effort to secure cooperation of non-members in a global deal to curb crude output will roll on from Istanbul to Vienna, with Russia on board but growing internal differences over sharing the burden of cuts.
The chief executive of Vitol said the oil market may see supply and demand rebalance if both Russia and OPEC deliver a meaningful production cut.
Oil major Shell said a decision to cut output by OPEC is unlikely to alter the company's financial framework.
The oil and gas industry has been urged to focus on long-term change after OPEC members agreed to an output cut at its latest meeting in Algiers.
Oil halted losses below $45 a barrel after Saudi Arabia signaled it may compromise with regional rival Iran on a future supply agreement as both countries expect no deal when OPEC members meet Wednesday in Algiers.
OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria.
OPEC probably won’t clinch a deal to limit oil production in Algiers next week as members stay focused on either boosting output or defending their market share, according to a Bloomberg survey.
Oil climbed near $45 a barrel after Algeria said OPEC may turn its informal talks next week into a formal session and as weekly industry data showed U.S. crude inventories declined.
Oil rose after Algeria said OPEC may turn its planned informal meeting in Algiers next week into a formal session.
Sonatrach will be supporting the sixth North Africa Petroleum Exhibition and Conference (NAPEC).