The OPEC oil cartel and its partners (which mainly means Russia) has deferred a decision on planned production hikes, or an extension of curbs, until December 3.
- The delay is said to give ministers more time to reach a deal. Talks will continue via phone.
- The meeting on Monday broke without an agreement.
Discussions centre on whether to increase production in January as planned or maintain the cuts. Main considerations (in summary):
some see the market as still too fragile to accept more oil output
others are keen to ramp up production and make the most of the until now better prices.