OPEC oil deal falling apart as countries back out

"The feeling today is mixed," Reuters quoted Indonesian Energy Minister Ignasius Jonan as saying when asked about the prospects of a deal.

"I don't know. Let's see,” said the minister stressing the importance of a "fair deal" for all members.

Earlier, Russia’s Energy Minister Alexander Novak said he doesn’t plan to take part in OPEC’s Vienna meeting on Nov. 30.

"This is not necessary. We need OPEC to hold a meeting. Of course, if a consensus is reached there and OPEC makes a decision, we will hold talks soon,” he added.

Moreover, a few days ago, Libya’s National Oil Corporation (NOC) said that the country is not going to participate in OPEC oil cuts for the foreseeable future.

NOC chairman Mustafa Sanalla has explained this with the dangerous economic situation in Libya.

In September, OPEC producers agreed during the informal meeting in Algiers to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.

How much each country will produce is to be decided at the next formal meeting of OPEC on Nov.30 in Vienna.