Oil’s Surge Spoiled By Output Fears
Oil jumped on Wednesday to gain back some ground lost over the last week, but fears the world’s largest exporters will fail to reach an agreement to limit production is hurting gains.
Oil rose to a one-week high Monday after Russia and Saudi Arabia agreed to work together to stabilize the market, but prices have fallen as uncertainty once again takes hold in the wake of the April Doha meeting where the world’s largest producers failed to come to any such agreements, Reuters reports.
OPEC and non-OPEC producers are planning to discuss freezing output during informal talks in Algeria from Sept. 26-28, but Iran maintains it will not cooperate with any freeze unless exporters recognize its right to boost market shares to pre-nuclear sanction levels. [Reuters]