OPEC fails to draw deal on production cuts

Officials from Saudi Arabia, Russia and other big oil producers are leaving Vienna this weekend without a deal to cut production, according to media reports. Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members had hoped to agree output cuts, in a bid to prop up flagging oil prices. Brazil's energy minister said Iraq and Iran were the main sticking points, as both countries want to be exempt from cuts. Non-member Oman said Saturday it was willing to cooperate in a supply deal, it couldn’t commit to a specific output cut until OPEC had its own agreement. OPEC’s surprise agreement in Algiers to make the first supply cuts in eight years will only make a serious dent in a record oil surplus if producers outside the group join in. While the accord helped push oil prices to a 15-month high above $50 a barrel earlier this month, they have subsequently fallen as several members disputed the production estimates that would determine the size of cuts. (Bloomberg)