Oil Tumbles as Saudis Said to See Algiers Talks as Consultation
- Saudi Arabia doesn’t expect a supply decision: OPEC source
- OPEC members are meeting on Sept. 28 in the Algerian capital
Fed Helps Oil as Saudi, Iran Battle Over Production
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Oil fell the most in more than two months after Saudi Arabia was said to dismiss the prospects for an output agreement to stabilize the market in talks in Algiers next week.
Futures dropped 4 percent in New York. The kingdom doesn’t anticipate any decision to be made about supply, according to an OPEC delegate familiar with Saudi Arabian policy. Prices climbed earlier on Friday after Saudi officials were said to have made a proposal to their Iranian counterparts to lower the kingdom’s production in exchange for Tehran agreeing to freeze its own output, currently at 3.6 million barrels a day.