Saudi Arabia wants united front on oil output; Russia and Nigeria hold out
Updated : November 29, 2018 08:04 AM IST
Oil producer group OPEC and its allies, led by Russia, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.
The negative economic outlook helped to push oil below $60 a barrel this week from as high as $85 in October, prompting Saudi Arabia, the de facto leader of the Organisation of the Petroleum Exporting Countries (OPEC), to suggest significant production cuts.
Brent oil edged down towards $60 on Wednesday, erasing early gains of more than 1 percent, with the market unconvinced on the prospect of OPEC cuts next week.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more