Saudi says there is no agreement yet to cut oil production
Saudi oil minister comments
- Optimistic there will be an overall agreement
- Hopes to conclude something by the end of tomorrow
- Oil price slide is not in the interest of OPEC members
- Important to have non-OPEC members on board
- Options include cuts of 500k to 1.5 million bpd
- Says that a 1 million bpd cut by OPEC+ would be enough
The open meeting is about to begin in less than 15 minutes so there's a great deal of headlines flowing through here but these are the more relevant ones. Nigeria and Iraq are on the wires as well but they're not saying anything new to be honest.
The situation now is that Russia is reportedly due to meet with OPEC members only tomorrow so they won't be willing to commit to any cuts today. And there is word that all parties are looking for a cut closer to 1 million bpd at this point, which is the minimum expectation by markets.
And the fact that Saudi is touting just a 1 million bpd cut here is leading to a sharp fall in oil now. Price is down 3% on the day to $51.20 currently.