Saudi oil minister says he's not confident of an OPEC deal tomorrow
That's not good
- He says a cut of about 1mbpd is the main scenario under discussion
- Wants Russia to cut as much as possible
- Main sticking point is getting agreement from all
Some of this had leaked out ahead of time and you could argue that Saudi Arabia is simply managing expectations. WTI last down $2.00 to $50.85 after falling as low as $50.08.