OPEC  Long-Term Strategy Delayed

OPEC Long-Term Strategy Delayed

OPEC’s board of governors was unable to agree on the group’s long-term strategy and will not present it to oil ministers when they meet on Dec. 4 in Vienna, two OPEC delegates with knowledge of the matter said. Approval of the plan is delayed until at least the next meeting of the board of governors in 2016, said the delegates, who asked not to be identified because the plan is not public. Calls to the headquarters of the Organization of Petroleum Exporting Countries in Vienna were not immediately answered, Bloomberg reported. Governors of the 12-member group could not agree on the final draft of the plan at a meeting in Vienna earlier this month, the delegates said. The governors disagreed on clauses suggested by some members, including about curtailing output, setting production quotas and finding ways to maximize OPEC profit, according to the delegates. OPEC ministers are to meet on Dec. 4 to assess the oil market and the group’s output policy. Iran has asked OPEC to accommodate its planned production increase once sanctions are lifted.


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