OPEC nations Thursday narrowed some differences but still faced hard bargaining to reach a final accord on cutting oil output.
The 13-nation Organization of Petroleum Exporting Countries hopes to give a quick jolt to faltering crude prices, which have been pulled down by lower than expected demand this winter.The oil ministers bargained privately throughout the morning trying to find a common position. The cartel's president, Jibril Aminu of Nigeria, said the ministers had moved closer to deciding a ceiling for total production.
Venezuela and Libya wanted deep cuts in the group's output of 24.2 million barrels a day, well over the agreed winter ceiling of 23.65 million barrels. Saudi Arabia reportedly resisted hefty cuts.
The average price of a basket of crudes monitored by OPEC was $16.95 a barrel last week, way off the group's target of $21.