Saudis Said Not to Expect Decision at Algiers Oil Meeting
- Oil producer doesn’t expect a decision on supply management
- Oil price falls $1 following the delegate’s comments
OPEC Set to Talk Freeze Amid Expanding Supply Glut
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Saudi Arabia, the world’s biggest oil exporter, expects a meeting of key producers in Algiers next week to be a chance to consult rather than take a decision on output levels, an OPEC delegate familiar with the nation’s oil policies said.
Nonetheless, Riyadh will work with other member countries to stabilize the oil market in the run up to the group’s next official gathering in Vienna in November, the delegate said, asking not to be identified because the matter is private. At a meeting in Vienna this week, Saudi officials made a proposal to their Iranian counterparts to lower the kingdom’s production in exchange for Tehran agreeing to freeze its own output at current levels.