From Mac Bank:
OPEC failed to reach an agreement this morning on a new output ceiling.
Impact Negative. Although expectations were minimal coming into the meeting, hopes for implementation of a new, if symbolic, group quota had been raised following reports of a more conciliatory approach from KSA. As in Doha, however, the meeting’s failure appears to have stemmed from discord between KSA and Iran. While regional rivalry is still at play, long-term production growth ambitions may be the real cause of the failures.
