Oil Tumbles To 1-Month Lows As OPEC Deadlock Shatters Deal Hopes

Jon Alternative Media, Blogosphere, Energy, Market Commentary

Confirming the swirling rumors from Friday, WTI crude is leaking lower (near $47 handle) in early asia trading afer Bloombergreports OPEC’s internal disagreements over how to implement oil-supply cuts agreed to last month prevented a deal to secure the cooperation of other major suppliers.
More than 18 hours of talks over two days in Vienna yielded little more than a promise that the world’s largest oil producers would keep on talking. Discussions will continue in late November, just days before the Organization of Petroleum Exporting Countries is supposed to finalize the accord that lifted oil prices to one-year highs.
Non-OPEC nations ended talks with the group on Saturday without making any supply commitments, Brazil’s Oil and Gas Secretary Marcio Felix said after the meeting. Brazil won’t restrict its oil production, though it’s willing as early as next year to host future OPEC conferences with the world’s biggest producers, he said in a phone interview.

This post was published at Zero Hedge on Oct 30, 2016.