“It was always going to be difficult to reach an agreement after the initial understanding reached in Algiers,” said Chow. “In fact, these OPEC/non-OPEC meetings risk raising market expectations and then disappointing them.”
Officials and experts from OPEC countries and non-OPEC nations including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia met for consultations in Vienna on Oct.29 and only agreed to meet again in November before a scheduled regular OPEC meeting on Nov. 30.
OPEC and non-OPEC countries said in a joint statement that the meeting on Oct.29 was a "positive development" towards reaching a global output limiting deal on Nov. 30.
In September, OPEC producers agreed during the informal meeting in Algiers to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC in November.
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