Oil Falls as S. Arabia Rejects OPEC Summit

Oil Falls as S. Arabia Rejects OPEC Summit

Oil prices fell more than 2% on Friday after top crude exporter Saudi Arabia said it sees no need to hold a summit of producing countries' heads of state if such discussions would fail to produce concrete action toward defending oil prices, sources familiar with the matter said.
The comments followed a meeting of Persian Gulf Arab oil ministers with Qatar's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed, Reuters reported.
"If we are meeting for the sake of meeting, it would backfire," the source said.
Earlier on Thursday, Qatar's energy minister said members of the Organization of the Petroleum Exporting Countries and non-OPEC producers were studying the Venezuelan proposal. "But we are in the study phase," Qatar's Mohammed al-Sada added.
Brent for October was down $1.05 at $47.84 a barrel. US West Texas Intermediate was also down $1.05 at $44.87 a barrel.

Short URL : https://goo.gl/OKtXfK
  1. https://goo.gl/SnXXGr
  • https://goo.gl/XR4p7c
  • https://goo.gl/GbFkiy
  • https://goo.gl/wIF7Pp
  • https://goo.gl/6AM7Pw

You can also read ...

Iraq Oil Output Stable Amid Mass Protests
Iraq is pumping oil at normal levels even as protests spread...
Iran Oil Exports Could Shrink
Iran’s oil exports could fall by as much as two-thirds by the...
Treasury Secretary: US to Mull Iran Waivers
The United States in certain cases will consider waivers for...
EIA forecasts total US crude oil production to average 10.8 million bpd in 2018.
In the July 2018 update of its Short–Term Energy Outlook, the...
Completion of Petrochem  Projects High on Agenda
The completion of value chain, development of petrochemical...
LNG Share to Rise in Global Energy Mix
Liquefied natural gas is projected to come into sharp focus...