OPEC

The world’s two largest crude oil producers were scheduled to meet Monday, ahead of the closely-watched OPEC meeting Wednesday.

OPEC seeks to cut production at its upcoming Nov. 30 meeting to between 32.5 million and 33 million barrels per day.

OPEC member states have decided to work on an agreement to cut the group’s production to between 32.5 and 33 million barrels a day.

Iran and Iraq disagreed with production data and refused cuts, sending oil prices — already affected by the negative market sentiment Friday — further lower.

Oil prices could rise to near $60 a barrel by the end of next year.

After oil prices hit months-long highs and U.S. crude production dropped unexpectedly, traders seized profits, boosting forecasts of a rallying market.

Leaders previously indicated there would be a limit on production.

Deutsche Bank shares slumped to a record low after a report that trading clients had withdrawn excess cash and positions held in the largest German lender.

The agreement effectively establishes a floor on prices near $50 a barrel — around where many U.S. shale oil companies can make money and drill new wells.

Venezuelan President Nicolas Maduro has said that a deal between OPEC and non-OPEC producers to stabilize output could be announced this month.

The state-run National Oil Corporation confirmed Ras Lanuf and Es Sider were under full control of east Libyan commander Khalifa Haftar forces while Zueitina was still contested.

Record high oil inventory levels could pose a threat to price stability, the IEA reported.

The kingdom, whose oil output governs prices of the commodity, may return to its role as a swing producer once markets stabilize.

There were unconfirmed reports of deaths in Cumaná, capital of Sucre state, and an opposition legislator from the zone said one man was shot dead.

Investors Friday braced for U.S. payrolls data that could add to or detract from the case for a Federal Reserve interest rate hike later this month or in July.

OPEC failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions.

The absence of a deal Thursday is fueling broader concerns that the once-powerful oil cartel is losing its influence over global oil markets.

OPEC is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday in Vienna.

OPEC’s 13 members meet in Vienna Thursday to set the group’s policy, which is more focused on market share than on influencing prices.

Many of the world’s top oil producers will be at the OPEC meeting in Vienna this week, when the cartel will welcome a new member.

Supply disruptions in Canada, Nigeria and Libya helped soften the global crude glut, but brimming inventories kept prices from rising further.