OPEC's meeting concludes without yielding output cut decision

Source:Xinhua Published: 2018/12/7 8:25:27

No oil output cut decision was announced on Thursday after hours of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC).

The oil cartel is to negotiate with its allies including Russia on Friday.

"We still want Russia to cut as much as possible," Saudi Energy Minister Khalid al-Falih told reporters as no decision was announced after the meeting.

OPEC was expected to agree on the amount of oil output cut in Thursday's meeting, however, there was no announcement of the oil output cut agreement after hours of meeting of the oil pumpers on Thursday, and a scheduled press meeting was canceled.

OPEC is to discuss the joint oil output cut with Non-OPEC producers, including Russia on Friday.

The Saudi minister noted before the meeting that the oil pumpers are looking for a sufficient cut to balance the market.

Posted in: MARKETS

blog comments powered by Disqus