Sunday 9 December 2018
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business-standard - 3 days ago

Saudi Arabia says not confident OPEC can reach agreement on cuts

OPEC members and other oil-producing countries may not be able to agree a reduction in output to help shore up plunging prices, Saudi Arabia said on Thursday. No, I am not confident, Saudi oil minister Khalid Al-Falih told reporters after coming out of a meeting of the Organization of Petroleum Exporting Countries in Vienna. We re still debating the distribution of any possible cuts, he added. Iraqi minister Thamir Abbas Al Ghadhban said deliberations would continue on Friday. But he said: We are hopeful that an agreement can reached. Unusually, the oil cartel had scrapped a planned news conference on Thursday at which the members had largely been expected to announce a new reduction in output to stem the recent sharp drop in the price of crude. OPEC s 15 members had been meeting in the Austrian capital on Thursday to decide what action to take, a day after US President Donald Trump took to Twitter to urge them not to cut output. Hopefully OPEC will be keeping oil flows as is, .

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