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OPEC’s Last Push for Oil-Cuts Deal Shifts Focus to Iran, Russia


  • OPEC's final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.
  • The extension of shuttle diplomacy -- including a visit to Tehran from an architect of the September agreement and an unusual Vienna breakfast with non-OPEC ministers -- comes after an OPEC committee failed this week to hammer out details of how producers will share the burden of cuts.
  • In a final effort to secure cooperation from non-members -- essential if supply cuts are to make a serious dent in the oil surplus next year -- OPEC will take the unusual step of holding a breakfast meeting in Vienna with ministers from countries including Russia, just moments before the group's own top officials gather to hammer out the final terms of what could be the first production cuts in eight years, according to two people familiar with the matter.


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