28.09.2016 - OPEC, Oil Glut on Minds of Commodities Traders
Oil traders are betting on a deal that would cap production, one that could hinge on two polarized, but key, Middle Eastern oil producers - Saudi Arabia and Iran. The two oil-producing powerhouses can't seem to agree on any production level cuts. Earlier in 2016, Saudi Arabia indicated it would cut production -- but only if Iran agreed to curb its own production to 3.6 million barrels per day. Iran said it was unlikely it would comply, as President Hassan Rouhani has said the country would stick to its minimal production levels of four million barrels per day..........................................Full Article: Source
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