OPEC May Achieve Consensus Over Oil Output Deal Proposals on Tuesday

The OPEC is likely to finalize limiting oil production agreement on Tuesday, ahead of November 30, member of Nigeria’s OPEC delegation Ibrahim Waya said.

MOSCOW (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) is likely to finalize the proposals related to the agreement limiting oil production on Tuesday, ahead of signing the deal set for November 30, member of Nigeria’s OPEC delegation Ibrahim Waya said.

"It is likely everybody will be on board by the end of the day," Waya said, as quoted by the Wall Street Journal newspaper.

In September, the OPEC club of the world’s major oil producers reached a preliminary agreement to set the oil output ceiling at 32.5-33 million barrels a day for the cartel. The OPEC countries have yet to finalize the deal on the November 30 meeting in Vienna.

Waya added that the limits on the oil output were more likely to be established for the six-month term than for a year and a special group would monitor the member states’ compliance with the agreement, according to the newspaper.

Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters and placing a number of global oil producers at risk of bankruptcy. Prices have partially and are currently at around $45-50 per barrel.

On November 21, Russian President Vladimir Putin said Russia was ready to freeze oil output at the current level without hurting its economy and added that he could not say for sure if the OPEC cartel of oil producers would finalize the deal on curbing oil output, but the outlooks were positive.