‘Well-timed’ OPEC talks lift crude pricesOPEC has done it again. OPEC is on course to agree to a production freeze because its biggest members are pumping flat-out, said Chakib Khelil, the group’s former president. Saudi Energy Minister Khalid Al-Falih said that the talks may lead to action to stabilize the market. Talks to implement a production freeze collapsed in April when Saudi Arabia said it wouldn’t take part without Iranian participation. Crude supplies dropped by 2.51 million barrels as of Aug. 12, Energy Information Administration data show.

Source: Manila Bulletin August 22, 2016 14:22 UTC