OPEC and non-OPEC ministers meet for informal consultations in Vienna on Wednesday in a last-ditch bid to agree the duration of oil output cuts as they seek to clear a global stocks overhang that has pulled down the price of crude.
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OPEC discussed with non-OPEC producers on Saturday in Vienna over a potential crude output cut.
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.
The world’s top two crude-oil producers pledged to cooperate to stabilise global markets, while failing to announce any specific measures to bolster prices.
Oil prices fluctuate Tuesday after a series of explosions in Brussels, Belgium.
OPEC on Friday did not set a new oil output ceiling, with major oil producers reluctant to cut the supply.
Ten leading Chinese copper producers have announced that they will reduce refined copper output in 2016 by 350,000 tonnes, about 5 percent of China's annual production, in the latest move to reduce overcapacity in the struggling nonferrous metal industry.
Singapore's manufacturing output declined 4.8 percent year-on-year in September, according to the Economic Development Board (EDB) on Monday.
Oil prices fell Thursday as worries that global supply might surpass demand persisted.
China's value-added industrial output expanded 6 percent year on year in July, down from 6.8 percent for June, the National Bureau of Statistics (NBS) said Wednesday.
Industrial output growth in South Korea hit the highest in about 4 years in February, indicating that the economy may resume recovery, a government report showed Tuesday.
Crude prices dropped Monday as the Organization of Petroleum Exporting Countries (OPEC) is likely not to cut the output at a meeting this month.
Japan logged a better-than-expected industrial output index in September, up 2.7 percent from the month earlier to 97.8 against the base of 100 in 2010, the Industry Ministry said Wednesday.
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