Oil markets and analysts have been skeptical that a deal would emerge from this week’s OPEC meeting, following stonewalling from ministers and signals of willingness to walk away without a deal from Saudi Arabia. But cartel members struck an optimistic tone that a deal will be achieved today in Vienna, sending oil prices up by 6 percent.
Any deal is better than no deal for OPEC.
The Oil Minister of the United Arab Emirates, Suhail Al Mazroui, told reporters upon his arrival in Vienna that he is "optimistic" and that they have been seeing the market correcting upwards.
Last week, statements from the oil ministers of Venezuela, Nigeria, and Iran reflected the significant impact of national politics on minister behavior, contributing to the group’s dysfunction.
Barclays notes, "For OPEC, managing the impossible trinity of achieving higher market share, higher prices and higher demand through a nominal target which members continue to breach continues to be difficult.”
Jonathan M. Baron presents an assessment of OPEC's sentiments on Iran sanctions and American oil and natural gas production from the 6th OPEC International Seminar in Vienna.
What are the most pressing questions for this week's Vienna OPEC meeting?