Major oil producers fail to move forward on agreement to limit output:

  • Oil under further pressure Monday. Comes amid a ramp in focus on complications surrounding an OPEC production deal, which is intended to be finalized by a 30-Nov OPEC meeting. WSJ andBloomberg reported that weekend talks between oil producers failed to yield an agreement on how to reduce output by 200-700K bpd while they were no closer in getting non-OPEC nations to participate. Russia insisted on freezing, rather than cutting, output but only if an internal OPEC agreement is struck first. Key sticking point remained on insistence by Iraq and Iran to be exempted– an issue for Saudi Arabia, given it would be pressured to cut by more than it would like if it acquiesced to these demands. Sides also divided on whether to use independent estimates as a reference point for curbs, which are favored by the Saudis but disputed by Iraq and Iran.