OPEC ministers say a deal is close as meeting on oil cuts begins

Iraqi Oil Minister Jabbar al-Luaibi has said that OPEC ministers were unanimous in favor of an output cut, following a meeting in Vienna on Wednesday.

Photo: Kamran Jebreili / AP Polfoto

After weeks of often tense negotiations, OPEC ministers gathering in Vienna expressed renewed optimism about salvaging a deal to cut oil production and prop up global prices.

Brent crude rallied as much as 6.1 percent to USD 49.20 a barrel as Iraqi Oil Minister Jabbar al-Luaibi said OPEC ministers were unanimous in favor of an output cut, following a breakfast meeting in the city on Wednesday. It would be a six-month accord monitored by a committee, he said, adding that he hopes the curbs will boost the oil price to more than USD 55 a barrel.

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