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OPEC States Say No Meeting Planned as Russia Floats Talks

  • One Gulf member says Saudis have no proposal to cut output 5%
  • Oil extends gains after closing Thursday at three-week high
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Novak: A Cut in Oil Production? Not so Fast!

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OPEC delegates said they have no meeting planned with Russia after the country’s Energy Minister Alexander Novak indicated he was willing to meet with the group next month to coordinate oil-output policy.

Four OPEC representatives said they hadn’t heard of any plan for talks. One Gulf member said de facto leader Saudi Arabia had no proposal to trim production by 5 percent, after Interfax reported the country had suggested such a cut at previous OPEC meetings, citing Novak. The minister said Russia would be willing to discuss output with OPEC, according to the news service.