OPEC to decide fate of production-limiting agreement this week

A meeting of OPEC from earlier this year in Austria. Photo: Ronald Zak / AP

OPEC ministers are huddling in Vienna this week where talks will culminate in a Nov. 30 meeting about the future of the production-limiting agreement between the cartel, Russia and some other producers.

Why it matters: The near-term future of oil markets and the competitive landscape for U.S. producers rides in part on whether an agreement is reached to extend the roughly year-old deal — under which producers have jointly cut 1.8 million barrels per day — and what the particulars would be.