OPEC deadlocked as Iran, Saudis harden positions on oil deal

DUBAI/MOSCOW/LONDON (Nov 30): An OPEC deal to curtail oil production and prop up global prices appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.

Ministers gathering in Vienna before Wednesday’s crucial OPEC meeting attempted to resolve differences obstructing an accord. Iranian Oil Minister Bijan Namdar Zanganeh laid out his country’s position following talks with his Algerian and Venezuelan counterparts. Under an Algerian proposal Tuesday, the 14 members of OPEC would cut production to 32.5 million barrels per day from their October level of 33.6 million, according to two delegates familiar with the talks. 

With oil prices languishing below US$50 ($71.25) a barrel, the Organization of Petroleum Exporting Countries meets Wednesday to finalize its first production curbs in eight years. Resistance from Iran -- and from neighboring Iraq -- has made the foundations for a deal look increasingly shaky. Top producer Saudi Arabia is ready to reject an accord unless all members, bar Libya and Nigeria, participate, people with knowledge of the kingdom’s position said earlier.

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