No OPEC Decision Yet on Oil Cuts, Saudi Energy Minister Says - Bloomberg:
OPEC hasn’t made a decision yet on whether to extend or modify its agreement to cut oil output, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said.
The Organization of Petroleum Exporting Countries and its allies are to meet next week in Vienna to assess their global cuts and output policy. Prince Abdulaziz is confident of OPEC’s partnership with other producers including Russia, he told reporters in Riyadh.
“We are communicating with each other at every opportunity,” he said, before addressing an industry conference in the Saudi capital. “The OPEC secretary-general is attending this conference, and we just had a chat. We did not run out of ideas.”
Crude rose, with benchmark Brent gaining as much as 68 cents a barrel, or 1.2%. The contract was at $56.84 a barrel at 7:34 a.m. in London.
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