The price of benchmark crude oil has fallen almost four percent as traders question whether Opec can agree on a deal to limit production.<\/p>\n
In September, the oil exporting cartel members voted for the first production cut in eight years.<\/p>\n
Details of the agreement are due to be finalised at a formal Opec meeting in Vienna on Wednesday.<\/p>\n
But key Opec members appear to disagree over the plan and some analysts believe the meeting may not produce a deal.<\/p>\n
Indonesian Energy Minister Ignasius Jonan said he was not sure Opec would manage to forge an agreement: \u201cI don\u2019t know. Let\u2019s see. The feeling today is mixed.\u201d<\/p>\n
Brent crude oil was down $1.76 per barrel at $46.48, and US crude was down $1.80 at $45.28.<\/p>\n
Analysts at Barclays said: \u201cVolatility is set to be high in the oil market in the days ahead.\u201d<\/p>\n
In-depth negotiations will be needed on Wednesday to cement a deal, Goldman Sachs analysts said.<\/p>\n
In September, Opec pledged to limit production by about 700,000 barrels a day, although Iran was being allowed to increase production.<\/p>\n
Disagreements between Iran and its regional rival, Saudi Arabia, had blocked earlier attempts to reach a deal.<\/p>\n
Many of Opec\u2019s smaller members wanted limits after oil prices fell from $110 a barrel over the past two years after oversupply and slowing demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
The price of benchmark crude oil has fallen almost four percent as traders question whether Opec can agree on a deal to limit production. In September, the oil exporting cartel members voted for the first production cut in eight years. Details of the agreement are due to be finalised at a formal Opec meeting in […]<\/p>\n","protected":false},"author":3,"featured_media":36646,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-36641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/36641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=36641"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/36641\/revisions"}],"predecessor-version":[{"id":36652,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/36641\/revisions\/36652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/36646"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=36641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=36641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=36641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}