http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-11-29 03:00:392018-11-29 03:00:39Saudi Arabia Wants United Front On Oil Output
Saudi Arabia Wants United Front On Oil Output
Saudi Arabia will not cut oil output on its own to stabilize the market, Energy Minister Khalid al-Falih said on Nov. 28 as Nigeria and Russia said it is too early to signal whether they would join any production curbs.
Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.
The negative economic outlook helped to push oil below $60 per barrel this week from as high as $85 in October, prompting Saudi Arabia, the de facto leader of OPEC, to suggest significant production cuts.