Baku, November 4, AZERTAC
OPEC and Russia will probably be able to reach an accord to reduce crude production and boost prices, according to Ed Morse, head of commodity research at Citigroup Inc.
Saudi Arabia and Russia are "hungry for an agreement,'' Morse said by telephone. "We're expecting the parties that need to do something to boost prices to be serious about deciding something."
Oil dropped after the Organization of Petroleum Exporting Countries failed to agree on country quotas in talks on Oct. 28-29 in Vienna. Non-members such as Russia and Brazil took part in the second day of discussions. The failure to come to an agreement raised doubts about whether OPEC can implement the first supply cuts in eight years at its Nov. 30 summit.