Money News

OPEC fails to secure deal with non-OPEC on oil cuts - OPEC sources

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) on a flag at the oil producer group's headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger

VIENNA (Reuters) - OPEC has failed to secure a deal with Russia and other non-OPEC producers on its plans for big, additional oil production cuts, two OPEC sources said on Friday at talks between ministers from the informal alliance known as OPEC+.

The sources were speaking after ministers from Saudi Arabia, Russia and other oil producing states gathered at OPEC’s Vienna headquarters and delayed a formal meeting for hours as they tried to find a compromise.

OPEC had proposed cuts of 1.5 million barrels per day (bpd) in addition to cuts already in place, a move Russia resisted.

Reporting by Rania El Gamal; Editing by Edmund Blair