Kachikwu optimistic of an OPEC deal Today

Oil pared losses from a two-week low as investors awaited OPEC’s decision Wednesday on a supply-curb deal that appeared in danger after Iran and Saudi Arabia failed to bridge differences.

According to Nigeria’s Minister of State for Petroleum Emmanuel Kachikwu, OPEC members are “largely convergent” on a need for a production cut. Kachikwu told Bloomberg’s Annemarie Hordern in Vienna “we’re optimistic.

Certainly consultations have been OK. There’s still a few gray areas we have to patch up, but I like to go in believing that we’re going to reach a deal.”