Saudi says won’t at­tend non-OPEC talks Mon­day

Kuwait Times - - INTERNATIONAL -

DUBAI:

Top OPEC oil ex­porter Saudi Ara­bia has told the pro­ducer group it will not at­tend talks yes­ter­day with non-OPEC pro­duc­ers to dis­cuss lim­it­ing sup­ply, OPEC sources said, as it wants to fo­cus on hav­ing con­sen­sus within the or­ga­ni­za­tion first.

The meet­ing was planned to dis­cuss the con­tri­bu­tion that pro­duc­ers out­side the Or­ga­ni­za­tion of the Petroleum Ex­port­ing Coun­tries will make to a pro­posed sup­plylim­it­ing agree­ment. OPEC oil min­is­ters meet on Wed­nes­day to fi­nal­ize the deal.

“There is an of­fi­cial let­ter from (Saudi Ara­bia) say­ing (it is) not at­tend­ing the meet­ing be­cause the min­is­ters should agree to the cut and then present the agree­ment to non-OPEC coun­tries,” an OPEC source said. “This will be more ef­fec­tive.” The Or­ga­ni­za­tion of the Petroleum Ex­port­ing Coun­tries is try­ing to fi­nal­ize a Septem­ber agree­ment that would re­duce pro­duc­tion to be­tween 32.5 mil­lion and 33 mil­lion bar­rels per day.

It aims to re­move a sup­ply glut and prop up oil prices , which at just over $48 a bar­rel are less than half their level of mid-2014. The or­ga­ni­za­tion also wants non-OPEC pro­duc­ers such as Rus­sia to curb out­put. De­spite ex­ten­sive diplo­macy since Septem­ber, the OPEC side of the deal still faces set­backs from Iraq’s call for it to be ex­empt and from Iran, which wants to in­crease sup­ply be­cause its out­put has been hit by sanc­tions. — Reuters

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