NEW YORK (TheStreet) -- OPEC and Russia met in Doha on Thursday to discuss a cutback in oil production ahead of the oil cartel's official meeting on November 30. The deal is meant to help curtail the global oil glut's negative effect on oil prices.
Saudi Arabian Energy Minister Khalid Al-Faliah said he was optimistic about OPEC coming to an agreement during yesterday's meeting.
Bloomberg News' Manus Cranny reported on the meeting from Doha on "Bloomberg Daybreak: Americas" on Friday morning."I think we've shifted gears a little bit. The one word I've written down here is preparation," he said.
The Saudi Arabians and Algerians are shifting their focus back to a 32.5 million barrel per day (bpd) cut, which is the lower end of the previously proposed deal for a target of a 32.5 million bpd to 33 million bpd cut.
"Noureddine Bouterfa, the Algerian minister, is one of the great protagonists and architects of the Algeria accord back in September," Cranny said.
Rather than trying to control prices, this deal is more about "messaging to the world that the cartel still has relevance," he claimed. If it can effectively send that message out, then it can change the price of a barrel of oil.
But "preparedness" for November 30 is the overall theme of yesterday's meeting, he reiterated. "I have never heard so much talk to get a deal done."