Has Opec just reached consensus on oil production?

 
Billy Ehrenberg
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Brent crude has fallen over 30 per cent in the last 12 months.

Is there a whiff of consensus from Opec over oil prices? The markets seem to think so, with oil prices dropping on either side of the Atlantic.

This could be because the consensus means that Opec will be siding with a group of countries – Saudi Arabia, Kuwait, UAE and Qatar – not wanting to cut production.

The basis for the talk of agreement came from Ali al-Naimi, Saudi Arabia’s oil minister.

"We are very confident that Opec will have a unified position," Reuters has quoted him as saying.

There is a meeting in Vienna on Thursday between the oil-producers, where the problems associated with a growing surplus will be tackled. One suggestion is that the group lower its upper production limit of 30m barrels a day.

Brent crude has fallen over 30 per cent in the last 12 months.

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