An Opec oil cut more face-saving than meaningful move: analysts

London

ALTHOUGH doubts existed over whether Opec, including regional foes Saudi Arabia and Iran, could agree on the mechanism of a cut, many market watchers believed last week a deal would be struck if only to save the group's credibility.

But the chances of an agreement declined over the weekend after Saudi Arabia said oil markets would balance next year even without an Opec deal and a meeting with non-Opec producers such as Russia was cancelled, sparking shuttle diplomacy to smooth differences before Wednesday's Vienna gathering.