1Finance

A cut of at least 700,000 barrels per day was needed to balance the market in the first quarter of 2017



The Organization of the Petroleum Exporting Countries is moving closer to finalizing its first deal since 2008 to limit output, with most members prepared to offer Iran flexibility on production volumes, ministers and sources said.

Iran has been the main stumbling block for capping production, and while it has not yet responded to the proposal, it suggests OPEC members may be coming nearer to a consensus ahead of their meeting in Vienna on Nov. 30.

A stronger dollar makes oil, which is priced in the greenback, more expensive to buyers using other currencies.

But analysts said there were still obstacles for the producer group to overcome before it could reach a deal. OPEC is scheduled to meet next on Nov. 30.

the source