PRESS: Oil Prices Slide As OPEC Delays Output Cut Decision - WSJ

LONDON (Alliance News) - Brent crude prices were sharply lower on Thursday after Saudi Arabia's ...

Alliance News 6 December, 2018 | 4:31PM
Email Form

LONDON (Alliance News) - Brent crude prices were sharply lower on Thursday after Saudi Arabia's energy minister said OPEC hadn't yet reached a deal on cutting back production, the Wall Street Journal reported.

Brent was quoted at USD59.26 a barrel late Thursday compared to USD63.15 late Wednesday.

OPEC members on Thursday agreed to production curbs but will wait to hear from Russia before making a final decision on the exact amount the cartel would cut to address falling oil prices, according to the Wall Street Journal.

"As of now we don't have an agreement," said Saudi Energy Minister Khalid al-Falih. "We want to listen to member country views but most importantly we have to get non-OPEC countries on board tomorrow."

The comment suggested the group could defer a specific decision on cuts until Friday, when it meets with Russia and other big producers who have acted in tandem with the cartel recently, the report added.

https://www.wsj.com/articles/a-weakened-opec-convenes-with-market-dominance-in-doubt-1544087560

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

Email Form
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.