In Brief : Oil Nations Try Again for Price Pact
Experts from OPEC and independent oil-producing nations met today in a second attempt to reach a cooperative agreement to support crude oil prices.
Both sides gathered at a hall this morning in the City, London’s financial district, for a second joint session. A first--and unsuccessful--meeting took place last April.
The secretary general of the Organization of Petroleum Exporting Countries, Subroto, told reporters Wednesday that the two sides “will exchange information” today and plan to issue a joint statement afterward.
The non-OPEC group issued a communique Wednesday saying: “The (non-OPEC) delegates unanimously share the desire to see the oil market stabilize, an issue they consider of importance to both consumers and producers of oil.”
A senior OPEC source said he is hopeful that an agreement can be reached for independent producers to cut their production, although he said that isn’t likely soon.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
