OPEC Gulf oil producers
have reached a consensus not to cut oil output when OPEC meets on
Thursday in Vienna, a Gulf OPEC delegate told Reuters.
Separately, Saudi Arabian Oil Minister Ali al-Naimi confirmed the Gulf states had reached a unified decision, but did not specify what the consensus was. Naimi said he believed the oil market "will stabilize itself eventually," increasing speculation that the Organization of the Petroleum Exporting Countries' largest producer and exporter, would not support an output cut at its Thursday meeting.
Other oil minister comments indicated a similar outlook to Naimi.
"The market will fix itself ultimately," United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui told Reuters in an interview.
The OPEC meeting will be one of its most crucial in recent years, with oil having tumbled to below $78 a barrel due to the U.S. shale boom and slower economic growth in China and Europe.
Read more: Gulf OPEC producers agree not to cut output: Rpt
Separately, Saudi Arabian Oil Minister Ali al-Naimi confirmed the Gulf states had reached a unified decision, but did not specify what the consensus was. Naimi said he believed the oil market "will stabilize itself eventually," increasing speculation that the Organization of the Petroleum Exporting Countries' largest producer and exporter, would not support an output cut at its Thursday meeting.
Other oil minister comments indicated a similar outlook to Naimi.
"The market will fix itself ultimately," United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui told Reuters in an interview.
The OPEC meeting will be one of its most crucial in recent years, with oil having tumbled to below $78 a barrel due to the U.S. shale boom and slower economic growth in China and Europe.
Read more: Gulf OPEC producers agree not to cut output: Rpt
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