OPEC members fail to seal oil output cap deal

“To come up with a number is very difficult to do,” OPEC secretary general Abdalla El-Badri said in Vienna. “But at this time now the number that we are producing is reasonable to the market, the market is accepting it, prices are moving,” he told a news conference. 

The Organisation of the Petroleum Exporting Countries, which pumps around a third of the world’s oil, abandoned in December its output target of 30 million barrels per day (bpd).