Opec agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on Iran amid mounting pressure from low oil prices.
"Opec made an exceptional de
Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major Opec producers would find a compromise this week to help ease a global glut of crude.
Crude oil futures fell on Tuesday as optimism faded for an output-limiting deal from an oil producer meeting in Algeria to curb one of the worst supply gluts in history.
Hopes that Opec oil producers could clinch the deal at the S
Crude futures fell further on Tuesday as optimism faded for an output-limiting deal during an oil producer meeting in Algeria that so far has failed to yield any agreement to curb one of the worst supply gluts in history.
Saudi Arabia's Energy Minister Khalid Al-Falih said on Tuesday that talks among Opec and non-Opec oil producers in Algiers this week are consultative, casting doubt on the chances of any policy decision during the meeting.
Iran downplayed on Monday the chances of Opec and non-Opec oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group hoped for steps to tackle a price-eroding glut of crude.
The United Arab Emirates said on Monday it would back a global freeze in oil output to bolster prices, while some Opec delegates predicted a meeting of producing countries in Algeria this week could still yield a deal to restrain supply.
Oil rallied on Monday as the world's largest producers gathered in Algeria to discuss ways to support the market, with nervous trade driving volatility to its highest since exporters met in April.
Scepticism about any deal bei
Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of Opec producers.
That came after prices
Ecuadorean President Rafael Correa said on Saturday he hopes Opec countries will reach an agreement to stabilize the oil market at the upcoming meeting in Algeria, warning of "serious risks" for the group if they do reach a deal.