OPEC OFFICIALS MEET IN BID TO FINALIZE PRODUCTION DEAL

Senior OPEC officials met with Russia’s energy minister Sunday as the disjointed cartel aims to hammer out the details of a tentative oil production freeze. The representatives met in Riyadh to discuss details around how the cartel will meet the supply target it set at meeting in Algiers in September, and whether non-OPEC producer Russia will likewise lower its oil output. OPEC representatives at the meetings were from Saudi Arabia, Kuwait, Qatar, United Arab Emirates and Bahrain. Russian Energy Minister Alexander Novak was also in attendance for some of the meetings. In September OPEC members tentatively agreed to collectively cut production to between 32.5 million barrels per day and 33 million bpd, down from its August average of 33.75 million bpd. Since then, OPEC representatives have tried to convey a message of OPEC unity despite strong doubts that the cartel can follow through on an agreement. For its part, Russia has said publicly that it would consider a cut if OPEC can reach an agreement.