The architect of the output-cut plan, OPEC Secretary-General Mohammad Barkindo, has said inventories are the primary target–not the U.S. shale producers who are often described as the cartel’s chief adversary. OPEC has begun pushing countries to disclose more information. Source: Global Finance
Iraq backed a proposal from Saudi Arabia and Russia to extend output cuts for nine months, removing one of the last remaining obstacles to an agreement at the OPEC meeting in Vienna this week. Source Bloomberg
Russia is in talks with European countries to determine the entry point of the second line of the Turkish Stream gas pipeline flow, Russian Prime Minister Dmitry Medvedev told journalists. Source Tass
Marine Le Pen is to ditch plans to pull France out of the European Union and to stop using the euro and restore the franc. There will be no Frexit,” Bernard Monot said in an interview with a British newspaper, explaining that the Front National (FN) leader had realised that this was not what the French people want. Source The Local
