All the day’s economic and financial news, as oil ministers meet in Vienna and Greece moves closer to exiting its bailout programme * Opec are meeting in Vienna today * Saudi Arabia want production boost; Iran does not * Greece hails ‘historic’ debt reduction deal * House of Fraser vote on store closures 8.16am BST TODAY’S OPEC MEETING IS OVERSHADOWED BY A RAFT OF POLITICAL TENSIONS, FROM THE SAUDI-IRAN PROXY WAR IN YEMEN TO DONALD TRUMP’S NEW SANCTIONS AGAINST IRAN. As the AFP newswire put it: Saudi Arabia, backed by non-member Russia, is now pushing to raise production again in order to meet growing demand in the second half of 2018. But the proposal has run into resistance from Iran, Iraq and Venezuela, who would struggle to immediately raise output and fear losing market share and revenues if other countries open the spigots. 8.06am BST MY COLLEAGUE ADAM VAUGHAN IS ATTENDING THE OPEC MEETING IN VIENNA. He’s heard that a deal to raise oil production is “likely today”: Good morning from Vienna, where #Opec crunch meeting taking place today. People telling me last night that deal on increasing oil output is likely. Sticking point reportedly the language in agreement, rather than number of barrels. pic.twitter.com/vg3ucqqlP7 Continue reading...
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