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| Hopes rise of Opec deal to cut oil production at Vienna meeting | |
| (35 minutes later) | |
| Oil prices have risen on hopes that some form of a deal on cutting production will be reached between Opec members meeting in Vienna. | Oil prices have risen on hopes that some form of a deal on cutting production will be reached between Opec members meeting in Vienna. |
| Brent crude was up by more than 3% at $48.14 a barrel on Wednesday morning as expectations grew that some of the world’s leading oil producers would agree to take action to rein in the oversupply of oil. | Brent crude was up by more than 3% at $48.14 a barrel on Wednesday morning as expectations grew that some of the world’s leading oil producers would agree to take action to rein in the oversupply of oil. |
| The meeting of the Organisation of the Petroleum Exporting Countries (Opec) is scheduled to begin at 9am UK time at its headquarters in Austria, with a press conference to follow at 3pm UK time. | The meeting of the Organisation of the Petroleum Exporting Countries (Opec) is scheduled to begin at 9am UK time at its headquarters in Austria, with a press conference to follow at 3pm UK time. |
| Before the meeting, Opec members Iran and Iraq said they were optimistic that an agreement would be made. | Before the meeting, Opec members Iran and Iraq said they were optimistic that an agreement would be made. |
| Previously, the two countries have disagreed with Saudi Arabia over a way forward, making it hard for the group to achieve a consensus. | Previously, the two countries have disagreed with Saudi Arabia over a way forward, making it hard for the group to achieve a consensus. |
| Michael Hewson, the chief market analyst at CMC Markets UK, said: “It would appear that the long-awaited output deal appears to hinge around whether or not Iraq, Iran and Saudi Arabia can bridge the gap that has opened up between them, on who caps production and who cuts it, with some talk of a cut of about 1.2m barrels a day being mooted.” | Michael Hewson, the chief market analyst at CMC Markets UK, said: “It would appear that the long-awaited output deal appears to hinge around whether or not Iraq, Iran and Saudi Arabia can bridge the gap that has opened up between them, on who caps production and who cuts it, with some talk of a cut of about 1.2m barrels a day being mooted.” |
| Commodity strategists at RBC Markets said they were sticking to their call that a deal would be agreed. | |
| Opec accounts for one-third of global oil production and in September, members agreed to limit output to between 32.5m and 33m barrels a day, from the current 33.64m, to prop up prices. The ambition for Wednesday’s meeting is to agree individual production targets for each country. | |
| However, concerns remain that reducing output will lead to non-Opec oil producers taking a greater share of the market. | However, concerns remain that reducing output will lead to non-Opec oil producers taking a greater share of the market. |