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Markets query OPEC deal

Thursday, September 29, 2016 - 01:32

OPEC agree modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. But, as David Pollard reports, many want more clarity.

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(SOUNDBITE) (English) PRESIDENT OF OPEC CONFERENCE AND QATARI ENERGY MINISTER, MOHAMMED BIN SALEH AL-SADA, SAYING: "And we came up with a way forward ...." It's a deal - but is it quite done? Crude prices jumped 5 per cent as OPEC agreed an output ceiling. But then pulled back - as traders looked at the detail. (SOUNDBITE) (English) PRESIDENT OF OPEC CONFERENCE AND QATARI ENERGY MINISTER, MOHAMMED BIN SALEH AL-SADA, SAYING: " ... that is to consider targeting 32.5 to 33 million barrel per day..." And found that how much each producer will cut is a decision not to be made until November. (SOUNDBITE) (English) WILSON KING INVESTMENT MANAGEMENT, HEAD OF RESEARCH, RICHARD HUNTER, SAYING: "There is an element of some scepticism as to whether these cuts will actually be implemented based on past events. And of course quite apart from that there's the question of those countries which aren't in OPEC and whether they will be getting involved, most notably Russia." But it could mean Saudi Arabia and Iran putting fierce rivalries aside - at least over oil. Saudi needs higher prices to boost its coffers - its revenues have halved over the past two years. Iran pushing the other way - for its output to be restored to pre-sanctions levels - and more. Though it too welcomed the apparent breakthrough. (SOUNDBITE) (English) IRANIAN PETROLEUM MINISTER, BIJAN ZANGANEH, SAYING: "It means that OPEC can overcome to the many, very difficult situation." Statoil, Royal Dutch Shell and Total share prices added more than five per cent - as the deal lifted energy stocks. Non-OPEC Russia may also be invited to the November meeting - its RTS share index rose 2.4 percent.

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