OPEC meeting breaks up without agreement

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A meeting of the OPEC group of major oil-exporting countries broke up late Thursday without agreement on cutting production to head off pressure on prices from abundant reserves and slowing global economic growth.

The producers had been mulling cuts above their previous agreement to reduce output by 1.2 million barrels per day from October 2018 levels.

That deal was originally fixed in December last year and extended at OPEC’s last meeting in July.

After more than six hours of talks on Thursday, delegates meeting in Vienna were unable to sign off on the details of an agreement on how further cuts should be shared out.


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