WTI crude oil is down 35-cents on the day to $76.08, after failing to climb above $77.00 in a brief rally.
Saudi oil minister al-Naimi was coy as he arrived arrived in Vienna ahead of Thursday’s OPEC meeting.
Ali al-Naimi asked, “Is this the first time we have oversupply?” in response to a question about the current balance between supply and demand in oil markets.
If I were OPEC, I would announce a cut in quotas, if only to prevent a quick fall in oil prices. OPEC nations routine flout quotas in any case so lower quotas wouldn’t mean any less revenue but could provide a psychological boost to oil prices or squeeze shorts.
Earlier, Iran’s news agency Mehr said OPEC leaders may lower production quotas by 1m barrels per day.
WTI crude oil front month
