Saudis, Iran dash hopes for OPEC oil deal in Algeria

[Eugene]

Source: Reuters

COMMODITIES | Tue Sep 27, 2016 | 10:56am EDT

Saudis, Iran dash hopes for OPEC oil deal in Algeria

By Rania El Gamal, Alex Lawler and Vladimir Soldatkin | ALGIERS

Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.

"This is a consultative meeting ... We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers," Saudi Energy Minister Khalid al-Falih told reporters.

Iranian Oil Minister Bijan Zanganeh said: "It is not the time for decision-making." Referring to the next formal OPEC meeting in Vienna on Nov. 30, he added: "We will try to reach agreement for November."

[font size=1]-snip-[/font]

Oil prices LCOc1 have more than halved from 2014 levels due to oversupply, prompting OPEC producers and rival Russia to seek a market rebalancing that would boost revenues from oil exports and help their crippled budgets.

[font size=1]-snip-[/font]

Read more: http://www.reuters.com/article/us-opec-meeting-saudi-idUSKCN11X0LL

[safeinOhio]

1. Local retailers jumped the gun

and raised prices 15 cents last night.

Now they will drop the price one penny a day to cover the mistake.