AFP, Vienna :
OPEC will seek Saturday to persuade other oil producers to lower production as part of a newly struck global pact to stem a crude glut and lift painfully low prices.
The Vienna meeting, which includes major producer Russia, aims to nail down details on implementing the accord reached late last month.
Analysts however remained divided over the gathering’s impact as doubts lingered regarding countries’ willingness to freeze output.
“We do not expect the outcome of this meeting to play a significant role in rebalancing the oil market,” Vienna-based analyst group JBC Energy said Friday.
The Organization of the Petroleum Exporting Countries agreed on November 30 to lower its monthly output by 1.2 million barrels per day (bpd) to 32.5 million bpd as of January.
OPEC will seek Saturday to persuade other oil producers to lower production as part of a newly struck global pact to stem a crude glut and lift painfully low prices.
The Vienna meeting, which includes major producer Russia, aims to nail down details on implementing the accord reached late last month.
Analysts however remained divided over the gathering’s impact as doubts lingered regarding countries’ willingness to freeze output.
“We do not expect the outcome of this meeting to play a significant role in rebalancing the oil market,” Vienna-based analyst group JBC Energy said Friday.
The Organization of the Petroleum Exporting Countries agreed on November 30 to lower its monthly output by 1.2 million barrels per day (bpd) to 32.5 million bpd as of January.
